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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.
CANADA
- USDCAD at 1.3838 has unwound about half of Friday’s risk-off climb, in a move that saw it press new recent highs of 1.3881.
- The decline on the day owes to the recovery in equity futures (rolling over marginally in latest trade), although CAD still underperforms other high beta peers, including NOK with WTI falling faster than Brent (-1.8% vs -1.5%).
- The technical set-up sees USDCAD biased higher, with resistance at 1.3881 (Oct 27 high) before a major 1.3977 (Oct 13, 2022 high), whilst support is seen at 1.3790 (Oct 26 low). The pair is however starting to near overbought territory on a RSI basis with the push towards the 1.40 handle potentially becoming a more tempting proposition for any CAD bulls.
- It’s a light docket today before some potential interest from BoC's Macklem and Rogers at the House finance committee. It does though closely follow last week’s BoC decision with no new significant data since then. Next on that front is monthly GDP tomorrow.
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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