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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.
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Free AccessLower WTI and GoC Rally Weigh On CAD
- USDCAD has lifted almost 25 pips to 1.361, back towards overnight levels as CAD drifts more towards mid-pack of majors on the day.
- It unusually comes with no discernible change in the S&P E-mini, but rather WTI taking another step lower (-0.8% on Fri, -2% intraday) and GoCs extending what at first was a very small rally after the open.
- On the latter, 2YY are -0.5bps and 10YY -2.7bps although still notably underperform the much stronger rally in EGBs (e.g. Bunds -10.7bps).
- Key short-term resistance is seen at 1.3668 (Apr 28 high), having got close to it with 1.3647 after Friday’s strong US data. Recall that prior to that, latest CFTC positioning showed CAD net shorts widen back from -26.7% to -30.5%, the largest since Apr 18.
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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.