Free Trial

USDCAD Pulls Back After Stopping Just Short Of Resistance

CANADA
  • USDCAD has drifted lower to 1.3465 for near the session’s lows having pulled back off a high of 1.3524 partly on an impulse from stronger than expected US data.
  • The intraday decline has come from higher WTI reversing weakness seen in London trade, helping offset a continuation of the downward pressure in equities seen since the hawkish FOMC dot plot.
  • It stopped just short of resistance at 1.3527 (20-day EMA) with gains deemed corrective and support at 1.3381 (Sep 19 low).
  • Trudeau on Canada-India row earlier: will continue to work with India and not looking to provoke, but, standing up for rules-based order alongside allies.
  • Tomorrow sees CAD retail sales and the US preliminary PMIs, along with first post-FOMC Fedspeak.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.