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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
- USDCAD is holding last week's push lower on a combination of stronger than expected GDP data, WTI oil prices recovering and general stock market resilience.
- However, whilst currently in the low 1.34s, the pair is only -0.3% lower than lower than the day before the April 12 decision.
- Relative CAD strength is clearer in trade weighted terms though, with both nominal and real effective exchange rates increasing more notably in the intervening period with the latter back near historical averages on a five-year rolling window. Despite the improvement, that still leaves CAD trading relatively weak compared to many peers on its own historical basis, but it comfortably outperforms another oil-reliant currency in NOK and has closed the gap with Antipodeans for other high beta competitors.
- This firming over the past almost two months should have been offering a mild disinflationary impulse, but the BoC is likely cognizant to maintain hawkish guidance to prevent renewed depreciation and in turn making its inflation fight harder.
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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