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USDCAD On Balance Chipping Away At US CPI Lift, BoC Surveys Ahead

CANADA
  • USDCAD lifts slightly after the 0830ET monthly data, which appear slightly better than expected for the US Empire mfg and slightly softer for CAD mfg/wholesale sales.
  • USDCAD trades at 1.363, only a handful pips higher than just before the data having fleetingly touched intraday lows of 1.3616 beforehand.
  • In doing so it continues to chip away at Thursday’s CPI gains with support at 1.3569 (Oct 10 low), but the trend structure is deemed bullish for the pair with resistance at a bull trigger of 1.3786 (Oct 5 high).
  • Greater local focus on the aforementioned BoC surveys at 1030ET landing along with further remarks from Philly Fed’s Harker.
  • CAD net shorts have continued to increase at least on a futures basis per latest CFTC data, with the 26% OI net short as of Tuesday last week its highest since May.
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