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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
- USDCAD has pulled 15-20 pips back from earlier highs of 1.3838 as part of a broader USD mode, but it doesn’t materially change the day’s theme.
- CAD again underperforms a majority of G10 FX on a combination of WTI reversing yesterday’s Israel-Hamas led bounce (despite recently off lows) and the S&P e-mini leaning on an earlier intraday lift.
- Also not helping was a -47k drop in payroll employment back in August, contradicting the 40k increase seen in the labour survey (which was followed by a 64k increase in Sept). Further, the vacancy rate eased 0.1pts to 3.8% as it continued towards the 3.2% averaged in 2019.
- USDCAD touching 1.3838 continued its bullish trend highlighted by a break of resistance after yesterday’s BoC decision. The then clearance of 1.3786 (Oct 5 high) has opened a key 1.3862 (Mar 10 high) as the pair moves to particularly elevated levels for ranges of recent months.
- Timing of BoC cuts has started to be looked at in more detail, with some analysts looking for mid-2024, and with CIBC of note looking for then 150bps of cuts by end-2024.
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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