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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 further decline ahead of today’s July CPI report, touching 1.3610 as it continues to extend a bear leg before since lifting 10 pips.
- It met mild support at 1.3611 (Jul 12 low) after which lies a key 1.3589 (Jul 11 low), with clearance required to strengthen a technical bearish theme.
- Latest CFTC positioning for Aug 13 showed a renewed increase in CAD net shorts to -55.6% of open interest, back to historical extremes seen in the aftermath of a dovish BoC in July as it cut for a second consecutive cut.
- However, the ~100pip decline for USDCAD since then evens up what we had seen as a skew of market risk towards a hawkish surprise in today’s CPI report.
- BoC-dated OIS shows a little more than a 25bp cut priced for Sep 4, and continues to keep close to a cumulative 75bp of cuts to year-end.
- There’s only limited option expiry of note for today’s cut, with $460m at 1.3595.
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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