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USDCAD Retreats From Early Move Nearer Key Resistance

CANADA
  • USDCAD has retreated from highs set very early in the session of 1.3378, with the move supported by WTI firming on Saudi and Russian production cuts to unwind yesterday’s slide.
  • That earlier high did however come close to another key resistance level at 1.3387 (Jul 7 high), with the pair making strong gains since the clearance of the 50-day EMA earlier in the week.
  • A continued push higher could open 1.3427 (Jun 7 high) although tomorrow sees particularly heavy option expiry for the NY cut at lower strikes including 1.3300 ($1.98bln) and 1.3200 ($941m) which might offer some downward pressure.
  • Before than of course are both the US and CAD labour reports at 0830ET.
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