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USDCAD Struggles To Break Out Of Pre-Minutes Range

CANADA
  • USDCAD sits near the top of what had been a narrow session range, up 0.1% at 1.2502.
  • It briefly cleared the range with a high of 1.2519 shortly after option expiry cut-off (where the largest had been $1B at 1.2500) as broader risk-off moves emerged.
  • The pair saw little obvious impact from Harker (2023 voter) or Barkin (2024) speaking -- both wanting b/s normalisation to start “soon” -- with attention instead likely on the FOMC minutes at 1400ET.
  • Resistance is seen at 1.2540 (Apr 1 high) whilst support is seen at 1.2403, yesterday’s low prior to Brainard’s hawkish comments that had helped reinforce a bearish theme.
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