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USDCAD Resumes Push Lower As Equities Surge

CANADA
  • USDCAD has mostly reversed the earlier unusual push higher and has now nudged back below 1.36 with S&P E-minis continuing to gain strongly and setting new session highs (USDCAD -0.3%, ESA +1.8% on the day).
  • At 1.3597, it’s close to the earlier low of 1.3591 having cleared yesterday’s 1.3600, but remains comfortably above support at the 20-day EMA of 1.3520.
  • Reasonable cumulative option expiries at nearby levels for tomorrow’s cut [1.3600 ($777m), 1.3625 ($384m)].
  • Despite the move lower in the pair, CAD gives up some of its relative performance on the day, having been only lagging Antipodeans earlier but now with SEK and NOK catching up.
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