• USDCAD hits a session high of 1.3635 (+1.0%), having cleared the third resistance level of the session, most recently 1.3605 (trendline from the Oct 13 high).
  • Weaker GDP details and equity weakness earlier weighed on CAD, which is then further hindered by oil falling on reports that OPEC+ will keep current output rather than the cuts previously touted.
  • Potential resistance in USDCAD seen at 1.3691 (61.8% retrace of Oct-Nov pullback) with ultimately a key resistance level at 1.3808 (Nov 3 high).


Source: Bloomberg

CANADA: CAD Underperformance Extends As Oil Slides

Last updated at:Nov-29 16:47By: Chris Harrison
FX Bullets+ 2
  • USDCAD hits a session high of 1.3635 (+1.0%), having cleared the third resistance level of the session, most recently 1.3605 (trendline from the Oct 13 high).
  • Weaker GDP details and equity weakness earlier weighed on CAD, which is then further hindered by oil falling on reports that OPEC+ will keep current output rather than the cuts previously touted.
  • Potential resistance in USDCAD seen at 1.3691 (61.8% retrace of Oct-Nov pullback) with ultimately a key resistance level at 1.3808 (Nov 3 high).


Source: Bloomberg