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USDCAD Pulls Back But Still See Base For Further Gains

CANADA
  • USDCAD has pushed almost 30 pips lower to 1.3525 with an uptick in S&P E-minis although remains off the latest low of 1.3517 after FI pared initial gains post Bullard and a heavy decline in US mortgage applications.
  • The pair has been building a base for further gains though, with these levels only back at the high end of yesterday’s range, underpinned by moderating inflation pressures. Initial resistance is seen at the day’s high of 1.356 after which sits the more significant 1.3665 (Jan 6 high).
  • Closest option expiries of note at 1.3550 for the NY cut but limited in size at $476M.
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