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USDCAD Probes Key Resistance Despite GoC Underperformance

  • The latest uptick in the USD index sees USDCAD probe resistance at the 50-day EMA of 1.3282 with a high of 1.3285. A more pronounced clearance would highlight its short-term reversal and open scope for a push to 1.3387 (Jul 7 high).
  • Some modest underperformance of GoCs to Tsys has little impact on the pair, with 2YY +3.2bps vs +1.1bps and 10YY +4.8bps vs +3.4bps.

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