Free Trial

USDCAD Fading Equity Gains Ahead Of US CPI

CANADA
  • USDCAD trades circa 1.333 (-0.1%) as it sees little impact from the S&P e-mini pushing new session highs of 4145.50 (+1.1%).
  • The lack of reaction is surprising as even though 20-day correlation is off recent absolute highs it still stands at -0.7, although could reflect unwillingness to add risk ahead of tomorrow’s US CPI (something not affecting Antipodeans with AUD and NZD appreciating 0.8% and 0.9% vs the USD).
  • Support is still seen at 1.3262 (Feb 2 low) with the bear trigger at 1.3226 (Nov 15 low), whilst resistance is seen at 1.3475 (Feb 6 high).

To read the full story

Close

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.