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MNI: US March Existing Home Sales Fell 4.3% To 4.19M
USDCAD Ending Week Lower Despite Yield Correction
- USDCAD is heading towards the end of a volatile week 0.4% lower at circa 1.3400, with CAD slightly extending gains from already significant moves after a bumper employment report last Friday in contrast to a more mixed US payrolls report.
- That’s despite front end yield differentials more than reversing the more than 15bp narrowing in negative Can-US yield differential, ably offset by ESA rising 2.4% on the week as Fed hike expectations were cut back.
- The technical downtrend is seen intact, with initial support at today’s low of 1.3322 shortly below which sits 1.3317 (Nov 24/25 lows) and then the bear trigger 1.3226 (Nov 15 low). Alternatively, softer inflationary pressures or weaker risk sentiment could see a renewed move back towards the 50-day EMA at 1.3515.
Source: Bloomberg
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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.