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USDCAD Opens Key Short-Term Resistance

CANADA
  • An earlier continuation of yesterday’s USD bid sees USDCAD at 1.3455 off session highs of 1.3472.
  • The push higher through European hours cleared resistance at the 20-day EMA to next open the key short-term level of 1.3521 (Jan 19 high).
  • Solid expiry at today’s cut meanwhile, $1.2bln at 1.3400.
  • CAD sits mid-pack of majors, outperforming other high growth beta peers despite a further rolling over of WTI as it continues its very weak relationship with crude of late, but lagging other majors.

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