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May 24 - 11:55 AM

USD/CAD - Resistance By 1.3740 May Be Short-Lived As Fed Rate Cut Odds Diminish

By Paul Spirgel  —  May 24 - 10:10 AM
  • $CAD slid in early NY trading -0.25% at 1.3697; Friday range 1.3739-1.3692

  • U.S. durables revised lower hit USD, tempered reaction to soft CA ret sales

  • Recent USD longs paring ahead of long U.S. holiday weekend

  • US-CA rate diff continue to favor USD longs; USD bulls may test recent highs

  • LSEG's IRPR pricing 1st BoC cut in July; Fed 60% odds for Sept, 80% for Nov

  • Res 1.3740 by Thurs/Fri highs, upper 21d Bolli 1.3764, 1.3785 Apr 30 high

  • Supt 1.3692 Friday low, 1.3677 21-DMA, 1.3630 daily cloud base

Source:
Refinitiv IFR Research/Market Commentary

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