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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 has extended its push lower, touching 1.3686 along with broader USD downward pressure seen since higher-than-expected initial jobless claims.
- The decline for the pair goes against the bullish trend structure after yesterday’s push to 1.3763 took it closer to resistance at 1.3785 (Apr 30 high), whilst there’s little support in place until 1.3634 (50-day EMA).
- Tomorrow’s Canadian jobs report is firmly in focus, its last before the Jun 5 BoC decision although CAD CPI is still to come on May 21.
- It’s followed by particularly heavy option expiry at tomorrow’s NY cut after a very light week to date. Of note, there is $2.4bn nearby at 1.3680/85. To the upside, $0.9bn at 1.3750 and $1.4bn at $1.3795, whilst to the downside some $2.0bn at 1.3645/50.
Still some way to support at the 50-day EMA (pink line)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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