• USD/CAD finding support at the 100-day MA (1.4043), with two attempts to break failing so far

• Initial resistance at 1.4077 is capping and keeping rebounds shallow for now

• On balance, sellers remain broadly in control. Further hurdles sit at the 100-hour MA cluster (1.4110)

• A break below1.4043 exposes the 50% fib of the Sep-Oct rise at 1.4030, then the Fed Sep pivot point at 1.3940

• The BoC is near fully priced to hike next week, after hawkish Macklem comments

• However, recent data (CPI + jobs) has come in softer than expected, which could see some caution creep in for CAD
USDCAD hourly chart


USDCAD daily chart

Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))