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USDCAD Pulls Back From Four-Day Overbought Stint

CANADA
  • USDCAD has pulled away from overbought conditions after a four-day stint, coming with a broader decline for the US dollar amidst a strong JPY post-BoJ decision and a bounce in US equity futures.
  • However, at 1.3830, it’s only a modest pull back from recent highs of 1.3865 and the trend needle still points north with a key resistance level seen at 1.3899 (Nov 1, 2023 high) before the 1.39 handle.
  • The strength of prior gains means that support is still a little way off at 1.3797 (Jul 25 low).
  • Today’s nearest option expiry is limited to just $274m at 1.3850. Other strikes are biased lower but in limited size and some way from spot.
  • As noted, Canadian GDP at 0830ET headlines the week’s Canadian docket but a heavy US docket starts with ADP shortly before building to the FOMC decision later today.
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