FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Bullish USD/CAD Theme Builds as Oil Slides

FOREX
  • For a second session, oil-tied currencies are among the poorest performers in G10, with CAD and NOK following the WTI and Brent crude futures price lower. Having printed north of $95/bbl at the end of September, Brent is now testing a firm break below $85/bbl and a negative close today would be the fifth in six consecutive sessions. USD/CAD has this morning touches a new cycle best, hitting 1.3786 and the best level since March this year.
  • The pair has been trending solidly higher since Sept 29, which shortly following the formation of a golden cross (50-dma > 200-dma) to indicate the positive short-term momentum in the pair.
  • NZD is the session's best performer, putting NZD/USD through yesterday's high. Resistance at the 50-dma of 0.5966 is next up, a break above which would open the bull trigger at the Sept 29 high of 0.6049.
  • The greenback, EUR and GBP are mixed-to-flat headed into the NY crossover.
  • The US labour market data remains in focus, with weekly jobless claims and the Challenger Job Cuts numbers providing the last look at the jobs market ahead of Friday's payrolls release. Canadian trade balance and the Ivey PMI numbers are also set to cross. The speaker schedule could prove more informative, with speeches due from ECB's de Guindos, Villeroy, and Nagel as well as Fed's Mester, Kashkari, Barkin, Daly and Barr.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.