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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
- USDCAD is extending an already sizeable push lower in a move that’s fully reversed the gain on yesterday’s US PMI beat.
- It’s aided by the day’s uplift in equity and WTI futures along with a small rise in Can-US yield differentials to chip away at the slide since soft core CPI trends in Tuesday’s release.
- It has touched 1.3654, a shift away from yesterday’s high of 1.3744 which stopped just short of 1.3748 (Fibo retracement of Apr 16-May 16 bear leg) before the more notable 1.3785 (Apr 30 high).
- The decline has slowed after some lingering support at 1.3669 (20-day EMA), but having now cleared this, next support appears to be the bear trigger at 1.3590 (May 16 low).
- Ahead, holiday-thinned trade sees light option expiry for Monday’s NY cut ($554m at 1.3670 and $513m at 1.3710). Tuesday offers input cost inflation with main local data focus Q1 GDP on Fri, but also with non-trivial spillover likely from US GDP (Thu) and PCE (Fri).
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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