February 06, 2023 15:51 GMT
USDCAD Testing Pre-US ECI Resistance
- USDCAD continues to push higher in broader USD moves (with CAD fairing at the higher end of the majors pack), touching 1.3475 as it probes the Jan 31 high of 1.3472 prior to a collection of weaker than expected US data kick-started by the ECI for Q4.
- A more concerted push higher could open 1.3521, a key short-term level from the Jan 19 high.
- Upcoming local events: Macklem speaks tomorrow, (separate to Powell), BoC’s first minutes Wed and employment report Fri.