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Mar 22 - 07:55 AM

USD/CAD - Eyes A Breakout As 2024 Highs Come Under Threat

By Justin Mcqueen  —  Mar 22 - 06:15 AM
  • Failure to close below the 55/200DMA (1.34687) is encouraging for CAD shorts

  • Consequently, USD/CAD eyes a retest of the multiple highs at 1.3600-15

  • As noted previously, the CA CPI miss sets the stage for a dovish BoC pivot

  • In turn, the run-up trade into the April meeting is likely CAD lower

  • Thus, risks favour a topside breakout in USD/CAD

  • Little in the way of notable resistance until 1.3750 on a YTD high break

  • Meanwhile, CAD/JPY downside should also be on the radar nL2N3FY19A

  • BoC Rogers due to speak Mar 26. Shift in rhetoric likely to be dovish

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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