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BOE Sparks Volatile Session For Cable, CAD firmer Once More

FOREX
  • Unchanged policy from the BOE sparked a very brief GBP selloff to 1.3858 amid outside expectations the MPC might look to trim purchases. As the dust settled Cable reversed and USD weakness prompted a sharp reversal to intraday highs of 1.3940, before retreating once again.
  • USDCAD downtrend remains intact Thursday, with the pair hitting new cycle lows, breaking the January 2018 lows below 1.2250. This keeps the pair solidly in bear mode after recent weakness.
  • MA studies also highlight a downside bias, reinforcing current trend conditions. 1.2239, a Fibonacci projection, gave way, opening vol band support at 1.2143. On the upside, initial resistance is at 1.2365/2419.
  • Broad dollar indices weakened by around 0.35% in line with EURUSD firming back to 1.2050. Our analyst notes a bearish theme remains with key resistance being defined at 1.2150, Apr 29 high. A firm support is at 1.2013/1989, the 20 and 50-day EMAs. This zone has been probed, a breach would trigger a stronger sell-off.
  • EMFX led gains on Thursday against the dollar with MXN, TRY, BRL and RUB all strengthening between 0.75-1.5%.
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