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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 AccessPrior Risk-Off Keeps USDCAD Within Bullish Trend Structure
- USDCAD at ~1.356 sits within 20 pips of overnight highs of 1.3578 in an extension of yesterday’s broader risk-off moves.
- The climb took it off the yesterday’s recent low of 1.3478 and supported the trend structure that is still deemed bullish. Resistance is seen at the well-tested bull trigger of 1.3614 from multiple March highs.
- As noted above, there is a solid $1.3bn expiring at 1.3500-10 with today’s NY cut.
- Landing with US payrolls, today’s CAD jobs report is the last major release before Wed's BoC just five weeks on from the last decision.
- BoC-dated implied rates have cooled in recent sessions but still only have a cumulative 17.5bp of cuts for the June decision with the first cut not fully priced until July.
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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.