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USDCAD Unchanged Ahead Of CPI

CANADA
  • USDCAD sits near enough unchanged on the day at 1.2816 as it sticks to the 1.28-1.285 range largely seen through yesterday’s US retail sales and Fedspeak.
  • CAD sees similar performance on the day to AUD despite the miss in the latter’s wage price index.
  • Technicals still deem the recent ~2% pullback in USDCAD as corrective with a bullish broader outlook – resistance is eyed at 1.2982 (May 16 high) and support at 1.2751 (50-day EMA).

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