MNI China Daily Summary: Thursday, June 27

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Thedeen Does Not Commit To Cut In August, Depends on Data

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MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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CAD Drifts Near Top Of G10 FX As Oil Continues Climb

CANADA
  • USDCAD has continued to decline through the session, with a latest low of 1.3154 stopping just 1 pip short of Friday’s low prior to the shunt higher helped by soft CAD retail sales.
  • CAD continues to benefit from WTI front futures pushing 2.5% higher helped by tighter global supplies and potential stimulus in China, with CAD now second only to NZD on the day.
  • The move comes despite wholesale trade earlier sliding in the June flash to more than offset the upside surprise from last week’s strong May print.
  • The bear trigger for USDCAD is seen at 1.3093 (Jul 14 low) above 1.3084 (1.618 proj of Apr 28-May8-May 26 price swing).
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