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USDCAD Steady At New Found Level Just Shy Of 1.35 Handle

CANADA
  • A bounce off lows for the S&P E-mini does little to impact USDCAD, which at 1.349 (+0.9%) trades close to earlier highs of 1.3496 after more than half the day’s increase was spurred by risk-off flows primarily after higher-than-expected US initial jobless claims.
  • It has cleared resistance at 1.3473 (Apr 21 low) but hasn’t pushed on since then as it struggles to break away from the 20-day EMA of 1.3490. A more sustained push higher could open 1.3519 (50-day EMA) after which lies a sizeable jump to 1.3640 (May 3 high).
  • CAD trades mid-pack of majors on the day. It next eyes the Senior Loan Office Survey for Q1 tomorrow at 1030ET, typically taken towards the end of the quarter for a first look at any spillover in lending standards from US regional banking woes, but ultimately with local attention on CPI on Tuesday.
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