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USDCAD Struggles To Break 1.28

CANADA
  • USDCAD hovers just above the 1.28 mark as equities flutter, currently -0.6% at 1.2809 as CAD continues to notably lag other majors today despite supportive yield differentials and yesterday’s strong CPI data.
  • It earlier briefly touched a low of 1.2783 but reversed the move, seemingly with some resistance around the round 1.28.
  • Sizeable option expiries for tomorrow’s cut-off at 1.2730 (2.630B) and less so 1.2800 (0.510B) could bias the pair lower, but with support at the 50-day EMA of 1.2756 sitting between the two.
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