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USDCAD Pokes To Near YtD High Ahead Of FOMC

CANADA
  • USDCAD has again probed recent highs, just touching a new YtD high of 1.3895 to poke 3 pips above earlier joint highs also seen yesterday.
  • The intraday lift has come with equities and crude futures unwinding earlier gains, more notably in the case of crude.
  • Technical trends suggest bulls remain in the driving seat next major resistance at 1.3977 (Oct 13, 2022 high).
  • There’s not much new going on from a relative rates angle, with Can-US yield differential remaining near recent lows of -46bp for the 2Y and -86bp for the 10Y.

Source: Bloomberg

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  • USDCAD has again probed recent highs, just touching a new YtD high of 1.3895 to poke 3 pips above earlier joint highs also seen yesterday.
  • The intraday lift has come with equities and crude futures unwinding earlier gains, more notably in the case of crude.
  • Technical trends suggest bulls remain in the driving seat next major resistance at 1.3977 (Oct 13, 2022 high).
  • There’s not much new going on from a relative rates angle, with Can-US yield differential remaining near recent lows of -46bp for the 2Y and -86bp for the 10Y.

Source: Bloomberg