Free Trial

USD/CAD added 5 pips overnight and....>

DOLLAR-CANADA
DOLLAR-CANADA: USD/CAD added 5 pips overnight and last deals at C$1.3349.
Familiar technical picture remains in play, as bulls continue to eye the 55-DMA
at C$1.3352, tested overnight, before challenging yesterday's high of C$1.3370.
Conversely, bears need a fall below C$1.3305, where the rate bottomed yesterday,
before shifting focus to the Jan 21 low of C$1.3252. 
- As a reminder BoC Gov Poloz told CNN yesterday that he keeps an eye on
Canadian housing market & added that future BoC MonPol will be data-dependent.
Poloz also mentioned global trade tensions & the impact of low oil prices as
factors to watch. While these comments added little in the way of fresh insight,
markets perceived them as mildly dovish, with a focus on external issues, which
weighed on the CAD in early NY trade Wednesday. 
- Canadian econ docket towards the end of this week is virtually empty, but
focus next week turns to domestic GDP due Thursday & remarks from BoC Dep Gov
Wilkins on the same day. Focus on the ongoing political tensions between China &
Canada will also be scrutinised.

To read the full story

Close

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.