December 4, 2022

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USD/CAD touches 1.2800 for the first time since February as upside break gathers pace

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USD/CAD hits 1.2800 for the first time since 5 February

USD/CAD D1 19-07
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The pair is running into some resistance and position covering at around 1.2800 as it falls back to 1.2770-80 levels currently.

The dollar is still keeping rather resilient across the board alongside the yen, as risk sentiment continues to be rather defensive with equities slipping and Treasury yields pressured lower; 10-year yields are down 4.5 bps to 1.255% currently.

Adding to the loonie’s woes is that oil prices are also down nearly 3% to $69.80.

From a technical perspective, the 1.2800 level looks to offer up some light resistance before the swing region around 1.2880 and then 1.3000.

I outlined some thoughts on the loonie here earlier.

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