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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.
CANADA
- An extension of equities souring further (S&P e-mini now -1.2%) and gold at new session highs sees USDCAD hit 1.3792 for fresh YTD highs.
- It’s through Friday’s 1.3787, opening 1.3855 (Nov 10, 2023) after which lies a key 1.3899 (Nov 1, 2023 high).
- As noted at the tail end of the last week, the pair moves further into overbought territory on a 14-day RSI basis. It was last overbought (for any meaningful period of time) in Aug’23 and before that Mar’23.
- The climb comes despite a reversal of an earlier further decline in Can-US yield differentials, at least for 2s. (The 2Y diff is now +3bps vs 1-1.5bps lower after strong US data and softer second tier CAD data). Differentials are still historically depressed though, at -70bps for 2s and -88bps for 10s.
- Tomorrow sees an important day, with Canadian CPI, BoC’s Macklem in a fireside chat with Powell and then the government’s Budget.
Source: Bloomberg
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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