MNI: POWELL SAYS PCE INFLATION CAME IN LINE WITH EXPECTATIONS

MNI China Daily Summary: Friday, March 29

MNI: PBOC Injects Net CNY148 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0950 Fri; -4.70% Y/Y

CHINA PBOC INJECTS CNY150 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.0950 FRI VS 7.0948

MNI: US FEB PERSONAL INCOME +0.3%; NOM PCE +0.8%

HICP Tracking at 2.4%Y/Y - One tenth below consensus

HICP 2 tenths softer than expected, but partly on clothing prices

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MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Off Recent Lows

USDCAD TECHS
  • RES 4: 1.2957 High Dec 21 and key resistance
  • RES 3: 1.2915 High Dec 23
  • RES 2: 1.2881 High Jan 28
  • RES 1: 1.2800 50-day EMA
  • PRICE: 1.2725 @ 06:45 GMT Feb 12
  • SUP 1: 1.2661 Low Feb 11
  • SUP 2: 1.2635 Low Jan 22
  • SUP 3: 1.2590 Low Jan 21 and major support
  • SUP 4: 1.2562 Bear channel base drawn off the Jun 26, 2020 high

USDCAD remains weaker despite finding some support. The recent pullback appears to be a deeper corrective move, price has this week traded through support at 1.2686, Jan 27 low and a key S/T level. This is a bearish outcome and exposes the Jan 21 trend low of 1.2590 that also marks the bear trigger. Clearance of this level would resume the underlying downtrend. On the upside, a 1.2881 break, Jan 28 high is required to reinstate bullish activity.

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