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USDCAD Pauses In New Range

CANADA
  • USDCAD has paused around the 1.2815-1.282 mark on a brief hiatus in geopol headlines.
  • It has pulled back from fleetingly clearing 1.2843 (76.4% retracement of Dec20-Jan19 sell-off) but remains above the previously seen key short-term resistance of 1.2797 (Jan 28 high).
  • Russia headlines will no doubt dominate but there is still upcoming data at 0830ET with the US GDP Q4 2nd release plus the Canadian SEPH employment survey for Dec. The latter comes prior to the pre-Omicron hit so Desjardins will focus on wages and job vacancies.

Source: Bloomberg

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