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OUTLOOK

CANADA
  • Data: Various releases today not shown on BBG calendar: non-residential capex intentions for 2022, the Q1 Survey on Business Conditions (collected between Jan 4-Feb 7) and the wholesale trade early indicator for Jan.
  • FX: USDCAD trades -0.1% at 1.2807 as it sits just above its previous range having cleared previous resistance at 1.2797 (Jan 28 high). Resistance is yesterday’s high of 1.2878 whilst support is seen at the 50-day EMA of 1.2694.
  • FI: Futures sit little changed ahead of cash open, whilst US Tsys have largely consolidated yesterday’s second half sell-off.
  • Bank EPS ratios have come in higher than expected, with CIBC 1Q ADJ EPS C$4.08 (est. C$3.67) and National Bank of Canada 1Q ADJ EPS C$2.65 (est. C$2.23) per Bloomberg.

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