📍 USDCAD
On the Canada side... This flow has become particularly interesting over the past few sessions, large macro hands front running BOC and piling into corporate debt and helping CAD hold at these levels.
The risk to Canada really comes from the housing market, as soon as the stimulus stabilisers are off there will need to be another miracle to avoid panic selling.
With stimulus retreating before the labour market has healed, the pressures on homes will become a blunder. This is so obvious and would be a blunder to miss. Now we are tracking a return back home, to the mean in a good mood - If buyers resign on the retest we can see the wave truncated (we'll keep updating the charts for this one).
For those tracking EURCAD...
On the Canada side... This flow has become particularly interesting over the past few sessions, large macro hands front running BOC and piling into corporate debt and helping CAD hold at these levels.
The risk to Canada really comes from the housing market, as soon as the stimulus stabilisers are off there will need to be another miracle to avoid panic selling.
With stimulus retreating before the labour market has healed, the pressures on homes will become a blunder. This is so obvious and would be a blunder to miss. Now we are tracking a return back home, to the mean in a good mood - If buyers resign on the retest we can see the wave truncated (we'll keep updating the charts for this one).
For those tracking EURCAD...
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For those tracking CAD:
