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USDCAD Pushes Higher As Rates Outperform

CANADA
  • USDCAD sits +0.37% at 1.2745 having recently touched a new session high at 1.2757.
  • CAD lags other majors today, especially high beta currencies, in a move consistent with its outperformance in rates.
  • It has cleared the 50-day EMA of 1.2718 and sits close to the largest option expiry for today’s cut-off with $820M at 1.2750, whilst a further push higher could test next resistance at 1.2784 (May 27 high). Key near-term support meanwhile is eyed at 1.2518 (Jun 8 low) after its sharp reversal.

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