Free Trial

USDCAD Fully Unwinds Earlier Climb, Helped By Oil Bounce

CANADA
  • USDCAD has seen a continued move lower, currently 1.3705, driven by a bounce off lows for WTI (trimming losses from -4% to -2.25%) with the pair now ~40 pips below pre-Macklem levels and an earlier high of 1.3765.
  • Macklem’s text opened with a dovish acknowledgement that rates may now be sufficiently restrictive to bring inflation to target, although yesterday’s CPI print was subsequently described as encouraging but only a single month with not yet a clear trend of renewed progress.
  • Support is seen at 1.3681 (50-day EMA), which it bounced off of yesterday.
  • CAD is second only to the USD on the day amongst peers.

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.