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Sep 21 - 01:55 PM

USD/CAD - Rises To New 2022 High Above 1.34 Ahead Of Jumbo Fed Hike Expectations

By Paul Spirgel  —  Sep 21 - 12:00 PM
  • USD/CAD +0.17% at 1.3392 into Europe close, Wednesday range 1.3409-1.3361

  • Pair backs off new 2022 high, hovers near 1.34 ahead of exp'd +75bp Fed hike

  • Lower CA inflation stirs less-hawkish BoC talk, rising UST yields lift USD

  • Soft oil (-1%) and copper (-1%) aid CAD slide, amid slow glbl growth view

  • Above key 1.3338 Fib $CAD bulls in control, bulls target 1.3420 Oct '20 high

  • Further res at 1.3460 the July 31 '20 wkly high, 1.36 Jul 24 '20 wkly high

  • Supt at Wed low 1.3361, 10-DMA 1.3194, 1.3184 50% Fib of 1.2954-1.3409

Source:
Refinitiv IFR Research/Market Commentary

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