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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 trades close to session highs of 1.3452, just above Friday’s post-payrolls high of 1.3451 but in relative terms largely tracking sideways since Thursday’s slide on a number of favourable factors for CAD.
- Some of those factors remain in place (WTI holding net gains after OPEC and S&P E-minis consolidating Friday’s increase), but it’s less supportive for CAD today whilst GoCs marginally outperform Treasuries after spreads widened post-payrolls (Can-US 2YY diff back to -20bps).
- The pair remains soft, with support seen at 1.3407/04 (Jun 2/May 16 lows) and resistance at the 20-day EMA of 1.3523. There could be some near-term traction at current levels with $994m of expiry at 1.3430 for today’s cut although it lands with ISM Services.
- Note that latest CFTC positioning has shown a large trimming of CAD net shorts, from -30.5% to -16.6% to the lowest since mid-March. The data as of May 30 came before the stronger than expected GDP print and subsequent CAD appreciation.
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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