MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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TECHS: Extends Current Downleg

DOLLAR-CANADA
  • RES 4: 1.3486 Low Jun 23 and a former breakout level
  • RES 3: 1.3460 High Jul 30
  • RES 2: 1.3421 High Sep 30 and the bull trigger
  • RES 1: 1.3341 High Oct 7
  • PRICE: 1.3212 @ 17:24 BST Oct 8
  • SUP 1: 1.3207 50.0% retracement of the Sep 1 - 30 rally
  • SUP 2: 1.3171 Low Sep 21
  • SUP 3: 1.3157 61.8% retracement of the Sep 1 - 30 rally
  • SUP 4: 1.3128 Low Sep 16

USDCAD traded lower still into the Thursday close extending the pullback that started on Sep 30. The move lower highlights a clear break of trendline support drawn off the Sep 1 low and suggests scope for weakness towards 1.3207, a Fibonacci retracement. A breach of 1.3207 would open 1.3171, Sep 21 low. To offset a deeper decline, the pair needs to trade above resistance at 1.3341, Oct 7 high. This would refocus attention on key resistance at 1.3421.

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