April 26, 2024 11:51 GMT
USDCAD Sits Close To Lowest Since US CPI Beat
CANADA
- USDCAD at 1.3655 is a little off its earlier low of 1.3637, the lowest since strong US CPI on Apr 10.
- The technical trend direction just about remains higher with declines deemed corrective, but the pair is increasingly testing this. Support is seen at that 1.3637 before a more notable 1.3604 (50-day EMA), whilst resistance is seen at 1.3763 (Apr 22 high).
- Data: US PCE inflation will likely set the tone for the day which local releases are limited to advance wholesale sales for March (after soft retail and mfg sales releases on Wed) at 0830ET before monthly fiscal data later on.
- Expiry: There’s little by way of sizeable expiry at nearby strikes for today’s cut. There is a combined, and heavy, $2.0bn between 1.3860-1.3870 but it’s clearly far higher than spot.
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