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USDCAD Touches Session Low But Still Rangebound

CANADA
  • USDCAD at 1.3701 has pushed a new session low as it pulls back from an earlier high of 1.3737 as the S&P e-mini has held a move off session lows ahead of the cash open, albeit still down solidly on the day (-0.45%).
  • The pair has for the most part remained within yesterday’s range though. Support is still seen at 1.3569 (Oct 10 low) and resistance at a bull trigger at 1.3786 (Oct 5 high).
  • With very much lower tier data releases out the way, geopolitical risk and broader sentiment likely remains the main drivers ahead.
  • Friday’s CFTC latest data showed CAD net shorts broadly consolidating the prior step higher, at 26% OI for the largest net short positions since May (for futures).
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