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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 held onto a clearance of latest resistance from Friday’s high of 1.3881, but it hasn’t got much further with a session high of 1.3892.
- Stronger resistance remains at the major level of 1.3977 (Oct 13, 2022 high).
- The move has been USD-led, buoyed by the ECI beating before further upside surprises for house prices and consumer confidence.
- CAD meanwhile outperforms Antipodeans despite softer than expected monthly GDP data hinting at a second consecutive slight GDP decline in Q3 (and WTI still close to the day’s lows), as well as CHF and JPY with the latter building on a dovish leaning BoJ.
- Tomorrow sees a light CAD docket (and again not much FX expiry of note) with greater focus on the FOMC decision along with notable data releases including ADP, JOLTS and ISM mfg beforehand. We suspect Macklem and Rogers remarks to the Senate later in the session will repeat last week’s BoC guidance as was the case yesterday.
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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