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Free AccessSkittish USDCAD With Important Data Tomorrow
- USDCAD has seen a volatile session to ultimately sit +0.1% at 1.2888, moving higher with Powell's participation on the ECB panel, with CAD again outperforming high beta majors.
- Widening front-end Can-US yield differentials have helped keep some downward pressure on USDCAD today but a REER almost completely in line with its historical average and recently trimmed net spec positions gives the pair room to run in either direction.
- Technicals have pointed to a short-term bullish reversal and initial resistance is close at 1.2917 (Jun 27 high), clearance of which could open a bull trigger at 1.3017 (Jun 23 high). As noted earlier, CIBC look for a sustained push above 1.30.
- Going against that in the very short-term is sizeable option expiry for tomorrow’s cut-off with 1.525B at 1.2750 although that could be too far away to offer much traction.
- Both Canadian GDP and US personal/incomes and core PCE inflation will be important drivers in the near-term.
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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.