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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
[correcting to say "WTI first cleared $90/bbl" not $100/bbl]
- USDCAD trades towards the upper end of today’s range, currently +0.2% at 1.2866 with CAD underperforming on the day along with NOK and a BOE-related GBP.
- USDCAD is off a session high of 1.2876 when WTI first cleared $90/bbl but sees less impact from the further slide below the 200-day MA.
- 20-day correlation between USDCAD and WTI had fallen to -0.6 through the second half of July after a period of weak correlation through June but more recently sits between the two at -0.4.
- Still within yesterday’s range, the cross doesn't trouble firm resistance at 1.2947 (Jul 25 high) or supports at 1.2767/63 (Aug 1 low, Jun 13 low).
- CIBC on earlier trade data earlier: The trade surplus was in somewhat of a holding pattern during June, but should narrow ahead with oil prices having fallen recently. The revision to May leaves imports rising much faster than exports during Q2. While that implies net trade will be a fairly big negative for GDP growth in isolation, it could also signal a stronger rebuilding of inventories or growth in consumer spending as an offset.
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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