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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.
CANADA
- CAD sits near mid-pack of the majors with USDCAD -0.3% at 1.2559 as it hovers above Friday’s low of 1.2551. Clearance could open 1.2459 (Apr 21 low) but it has struggled to move materially lower without an extension of risk-on sentiment.
- One factor that helped support the current bearish conditions for the cross was last week’s hawkish BoC pushing Can-US yield differentials to the widest they’ve been since January for the 2Y (+23.5bps) and Nov for the 10Y (+11.5bps), as front-end GoC yields touched cycle highs.
- CFTC net specs positioning potentially saw a further trimming of recently established net shorts (cut from -9.2% of OI to -5.2% on May 31 just prior to BoC on Jun 1) but further conviction might be limited ahead of BoC’s Macklem speaking on Thu before US CPI and Canadian employment on Fri.
Source: Bloomberg
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.
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