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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.
EUR
- EURUSD is trading closer to last week’s highs and the recent consolidation appears to be a bull flag. The move higher last week resulted in a clear bear channel breakout and the break confirms a stronger reversal. Sights are on 1.0933 next, a Fibonacci retracement.
- With this in mind and given today’s Canadian CPI release, it is worth highlighting that EURCAD has recently broken above a cluster of highs from the past six months around 1.4780 and hovers close to the most recent highs of 1.4822. Exponential moving averages are also in a bull mode position.
- Clear attention is being paid to today’s data as markets look to gauge the timing of a first rate cut from the Bank of Canada - with market focus on a potential June cut. Our full preview here.
- A softer print from today’s CPI report would significantly bolster the EURCAD trend and likely target the downward trendline from the July 2020 highs, which intersects around the 1.4900 handle. Above here, 150.45 represents key resistance, the Nov 2023 high. Initial support is at 1.4746, he 20-day EMA.
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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