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USDCAD Opens Key Near-Term Support

CANADA
  • The continued decline in the USD pushes USDCAD to session lows of 1.3447, currently 1.3452, after falling more than 200 pips intraday.
  • It’s through initial resistance at 1.3470 (Jan 4 low) to next open a key near-term support at 1.3385 (Dec 5 low).
  • A very strong Canadian employment report (sparking a 13bp tightening in the Can-US 2Y yield differential) hasn’t been enough to offset US linkages for CAD, with only CHF seeing smaller gains against the USD today of major peers.


Source: Bloomberg

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