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USDCAD Slowly Climbs On Softer Risk Sentiment

CANADA
  • USDCAD briefly climbs higher before retreating along with a dip and then partial recovery in risk sentiment for +0.3 at 1.2883 (high1.2897).
  • CAD continues to modestly outperform most other high beta majors on the day though despite the sharp rolling over in crude oil prices (also hit by the US to release 20m barrels from the SPR with replenishment likely not until after FY23).
  • It pulls back from what had been vulnerable key support at 1.2819 (Jun 28 low), but the pair remains well within yesterday’s range. It has room to run from a technical perspective should risk sentiment sour further, with initial resistance to watch seen unchanged at 1.3038 (Jul 17 high).
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