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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 move below 1.35 to push it more convincingly into oversold territory on a 14-day RSI basis, having last been oversold in late Dec.
- It’s seen a new recent low of 1.3484, through Friday’s 1.3499 seen after Powell, aided by a modest extension in Friday’s gains for the S&P 500 e-mini along with WTI futures pushing higher on Libyan supply disruption.
- There has been an acceleration in the bear cycle with next support seen at 1.3471 (61.8% retrace of Dec 27 – Aug 5 bull leg), but oversold conditions suggest any further downward momentum could be slower.
- CFTC data showed CAD net shorts were trimmed to 52% of open interest as of Aug 20 vs 55.6% the week prior. That’s before a ~130pip decline in USDCAD since Aug 20 but net shorts are likely still historically large.
- In latest news, Canada is following the US and EU by imposing new tariffs on Chinese-made EVs (100%) plus steel & aluminium (25%) and with Trudeau not ruling out measures on solar cells as well.
- In addition, Canada is to restrict firms’ access to low-wage foreign workers to 10% under the TFW program.
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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