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May 20 - 01:55 PM

USD/CAD - Early Slide Reversed Ahead Of Key 50% Fib By 1.2768

By Paul Spirgel  —  May 20 - 11:40 AM
  • USD/CAD firms into Europe close +0.17% at 1.2842; Fri range 1.2845-1.2777

  • CAD bulls shrug off oil rise, early risk rally reversed; USTs, stox hit

  • Global recovery remains at risk owing to high inflation, USD, UST havens bid

  • $CAD tether to 21-DMA (1.2864) intact, cls abv targets 10-DMA by 1.2918

  • USD bulls lose vigor, bears gain momentum below 1.2768, 50% of 1.2450-1.3077

  • Below 50% Fib 55-DMA at 1.2709, daily cloud top 1.2652 in sharper focus

  • Risk tumult aside, US, CA rate outlooks similar, both show +190bp to YE 2022

CAD Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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