By Paul Spirgel — May 05 - 11:35 AM
USD/CAD firm into Europe close +0.8% to 1.2835; Thurs range 1.2839-1.2713
Early USD post-Fed dip reversed, traders focus on Fed +50bp next meetings
Higher oil and BoC expected to keep pace w/Fed likely keeps CAD firm
$CAD rise abv 10-DMa at 1.2806 bullish, next res 1.2914 May 2 2022 high
Supt at 10-DMA (fmr res), 1.2713 Thurs low, rising 21-DMA 1.2695
Below 1.2686, 50% Fib of 1.2459-1.2914 USD bears gain momentum
CAD Chart: Click here
Source:
Refinitiv IFR Research/Market Commentary