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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
- Growing USD weakness and equity strength on the day, rather than a BoC reaction to which there was little immediate move earlier, drives USDCAD to session lows at 1.3131 but still towards the top of yesterday’s range.
- The move comes despite oil sliding, with the negative correlation to the pair once again fading (20-day rolling sitting at just -0.23).
- Despite a brief clearance of 1.32 ahead of the BoC, technical levels haven’t been troubled today with resistance still seen at 1.3224 (Jul 14 highs, with late 2020 levels beyond that) and support at 1.3075 (Sep 2 low).
- Looking beyond the upcoming Fed’s Beige Book and VC for Supervision Barr, attention will turn to the ECB/Powell tomorrow before locally, BoC Senior Dep Gov Rogers and then Canadian employment on Friday.
USDCAD (white) and front-end Can-US yield differential 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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