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USDCAD Retracing Latest Climb But CAD Underperformance Remains

  • USDCAD have now unwound half of yesterday’s outsized climb, trading 1.352 (-0.4%).
  • Sitting towards the mid-pack of majors with some boost from oil continuing to move higher, CAD does little to unwind recent underperformance: USDCAD sits +1% on the week to date with AUDCAD and EURCAD both +0.7%.
  • Yesterday’s wide ranges of 1.3409-1.3646 form initial support and resistance levels with US Fedspeak and data in focus.

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