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Pullback Considered Corrective


Corrective Cycle


Corrective Bounce


Short-Term Trend Needle Points South

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USDCAD With Room To Swing

  • USDCAD trades +0.3% at 1.2921 with broad USD strength after a relatively restrained US session and overnight but still well within the week’s range.
  • It moves away from the 50-day EMA at 1.2859 that it fleetingly cleared yesterday, a clear break of which would open the key support at 1.2819 (Jun 28 low) required to signal a deeper move to the drop that has been considered a corrective pullback of a bullish trend – resistance seen at 1.3166 (3.0% upper Bollinger band).
  • Relatively neutral positioning as of just prior to US CPI and the BoC decision last week (CFTC net longs +2.5% OI) have helped the pair swing, with a wide range of 1.2855-1.3224 since then, and it could continue to do so with risk sentiment with the ECB shortly.

Source: Bloomberg

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