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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 has seen a volatile couple of sessions but ultimately trades just +0.1% at 1.2592 in a move that unwinds yesterday's move lower but keeps near recent lows.
- Last week's hawkish BoC double commentary continues to support CAD, with CAD leading all other majors today, including AUD despite the surprise 50bp hike from the RBA overnight.
- Technicals paint a bearish picture for the cross, with support at yesterday’s low of 1.2535, clearance of which could ultimately open 1.2459 (Apr 21 low). Resistance is eyed at 1.2686 (Jun 2 high).
- It continues to struggle to meaningfully dip below the 76.4% retracement of the Apr 5 -May 12 rally at 1.2562 but the fact the cross is holding as low as it is with S&P E-minis sliding is testament to current strength behind CAD.
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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