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Jan 27 - 01:55 PM

USD/CAD Eyes Highs Above 1.44; Tracking UST Yields, Falling Commodities

By Paul Spirgel  —  Jan 27 - 11:45 AM

• $CAD Firm into Europe close, +0.3% at 1.4392; Monday range 1.4401-1.4334

• NorAm low 1.4334 came as UST yields hit session lows near NorAm open

• Yields off lows and mounting commodity weakness conspire against CAD bulls

• Both BoC, Fed have rate announcements this week; Fed seen holding, BoC -25bp

• LSEG's IRPR indicates YE 2025 Fed rate at 4%, BoC 2.6% should keep USD bid

• $CAD res 1.4401 Monday high, 1.4458 Upper 21-d Bolli, 1.4520 Jan 21 high

• Supt 1.4334 Mon early NY low, 1.4299 lwr 21-d Bolli, 1.4251 50% of 1.3981-1.4520

CAD Chart:


(Paul Spirgel is a Reuters market analyst. The views expressed are his own)

Source:
London Stock Exchange Group | Thomson Reuters

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