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USDCAD Pushes To New Session Highs, PMIs Eyed Later

CANADA
  • USDCAD hits new session highs of 1.3664 (+0.7%). The most recent move higher stands out against BBDXY edging lower but CAD maintains outperformance to other high growth beta peers on the day amidst USD strength.
  • Technicals point to a bullish outlook with the bull trigger at 1.3705 (Dec 16 high).
  • Known potential drivers: S&P Global PMIs in focus today in both Canada (0930ET) and US (0945ET) ahead of tomorrow’s US ISM mfg, JOLTS and FOMC minutes.

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