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USDCAD Sees Solid Retracement Of Mid-Week Risk-Off

CANADA
  • USDCAD steps solidly lower, reversing a 25 pip higher after the US opening bell with a more than 75 pip drop to a latest session low of 1.3414, starting before and continuing after stronger than expected US existing home sales.
  • It marks a more notable reversal of yesterday’s clearance of resistance at the 50-day EMA of 1.35 but doesn’t yet fully retrace the push higher after Wednesday’s collection of weak US data sparked a risk sell-off in equities instead of a rate relief rally.
  • Still downside scope from a technical perspective, with support at 1.3322 (Jan 13 low), but e-mini S&P for now remains relatively restrained at +0.6% and might need to see more upward momentum to drive USDCAD much lower.


Source: Bloomberg

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  • USDCAD steps solidly lower, reversing a 25 pip higher after the US opening bell with a more than 75 pip drop to a latest session low of 1.3414, starting before and continuing after stronger than expected US existing home sales.
  • It marks a more notable reversal of yesterday’s clearance of resistance at the 50-day EMA of 1.35 but doesn’t yet fully retrace the push higher after Wednesday’s collection of weak US data sparked a risk sell-off in equities instead of a rate relief rally.
  • Still downside scope from a technical perspective, with support at 1.3322 (Jan 13 low), but e-mini S&P for now remains relatively restrained at +0.6% and might need to see more upward momentum to drive USDCAD much lower.


Source: Bloomberg