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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 continues to sit within 10 pips of earlier fresh highs since March at 1.3679, which had poked above yesterday’s 1.3676 to extend a series of steps higher over the past two weeks.
- This sequence brings it closer to resistance at 1.3719 (1.0% 10-dma envelope) followed by 1.3722 (trendline resistance drawn from Oct 13, 2022 high).
- The day’s move higher comes despite equity and crude futures moving off lows, with CAD sliding to the bottom of the G10 FX pack the day after the BoC left rates unchanged as expected with an explicit bias higher if further increases are required. It also takes it further off fair value estimates, for example seen near 1.33 in TD's high frequency model after the BoC decision.
- Gov. Macklem speaks ahead but otherwise focus will be on tomorrow’s jobs report with expectations for a further drift higher in the u/e rate but only a limited moderation in wage growth.
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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