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USDCAD Tests Firm Resistance After Strong US, Weaker CAD Data

CANADA
  • USDCAD continues to test firm resistance at the 20-day EMA of 1.3283 ever since stronger US GDP and lower claims combined with a softer SEPH report.
  • It’s touched a high of 1.3286, with a more concerted push higher potentially opening 1.3355 (Jun 15 high).
  • The SEPH report showed that payroll employment fell by 25k when excluding the 115k temporary drop in public admin due to the strike, along with the lowest job vacancy rate since May’21 at 4.4%.

Source: Bloomberg

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