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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 continued to push higher in recent hours ahead of CPI at 0830ET, lifting 50 pips from a new recent low of 1.3117. A follow-up hike from the BoC on Jul 12 is approximately two thirds priced ahead of the data, with focus firmly on near-term run rates after April's acceleration was one important factor behind the BoC coming off the sidelines.
- CAD is second weakest amongst G10 FX on the day with only NOK underperforming by more as crude oil has fallen sharply for -1.7% on the day.
- The recent lift sees USDCAD pull back from last week’s oversold territory on a 14-day RSI basis but only to 32. Support is seen at 1.3084 (1.618 proj of Apr 28 – May 8 – May 26 price swing) before a stronger 1.2992 (50% retrace of Jun-Oct bull rally), whilst to the upside sits 1.3226 (Jun 23 high).
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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