A recent rise in USDCAD gathers pace at 1.3195 (+0.32%) as CAD continues to modestly outperform Antipodeans amidst USD strength.
It earlier stopped just a few pips shy of testing initial resistance at 1.3208 (Sep 1 high), with any dovish slant from the BoC potentially opening key resistance at 1.3224 (Jul 14 highs) and late 2020 levels after that.
On the flip side, support is seen at 1.3075 (Sep 2 low) but could take a notable hawkish surprise to sustain a move lower, with the complication of Mester (’22 voter) speaking at the same time.
Little impetus from international trade data, with a larger than expected trade surplus in July offset by a small downward revision to June. Volumes data indicated a net trade boost from a GDP perspective but with weaker implications for domestic demand (exports +1.7%, imports -1.4%).
Source: Bloomberg
US EURODLR OPTIONS: Call fly seller
Sep-07 12:57
EDZ2 96.00/96.25/96.50c fly sold at 3.5 and 3.25 in 20k
MNI: US REDBOOK: SEP STORE SALES +10.9% V YR AGO MO
Sep-07 12:55
MNI: US REDBOOK: SEP STORE SALES +10.9% V YR AGO MO
US REDBOOK: STORE SALES +10.9% WK ENDED SEP 03 V YR AGO WK