Free Trial
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.
CAD
CAD/JPY has extended its pullback from Wednesday's peak and last trades at Y86.40, 10 pips worse off on the day.
- The rate surged Wednesday after the BoC brought forward their projection of the next rate-hike and decided to taper their bond purchase programme, hailing faster than expected economic recovery.
- Earlier that day, Canadian CPI marginally mixed expectations, with annual consumer price inflation accelerating to +2.2% Y/Y in March from +1.1% prior.
- Bears had already been cheering the formation of a head and shoulders pattern, but yesterday's rally cast doubt on its sustainability, as the rate returned above the neckline.
- A fall through Apr 21 low of Y85.43 would reinstate bearish momentum, drawing attention to Feb 26 low of Y83.58. Conversely, a jump above yesterday's high of Y86.79 would bring Apr 16 high of Y87.12 into play.
Fig. 1: CAD/JPY
Source: MNI - Market News/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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok