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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 holds narrow ranges overnight, and at 1.3680 is close to the week’s highs having twice breached 1.37.
- Tuesday’s 1.3708 sets initial resistance after which lies 1.3755 (Jul 2 high) although a bear threat is still deemed present despite recent gains with support at 1.3590 (May 16 low).
- Today’s cut sees relatively light option expiry although more notable ones are biased higher with 1.3730 ($513m) plus 1.3750 ($250m).
- US weekly jobless claims should be the main near-term driver for the cross, with employment insurance for May the pick of limited Canadian data.
- However, and as noted earlier with today’s ECB decision in focus, with, EURCAD remains at interesting levels with USD weakness adding to BoC policy considerations to help drag the Canadian dollar lower on crosses.
- At 1.4953 it’s close to yesterday’s 1.4975 in a continuation of the step higher after Tuesday’s CAD CPI. The cross has pierced downtrend resistance (drawn from the 2023 highs), further single currency strength may threaten key targets of 1.5045 and 1.5113 for the cross.
EURCAD has pierced downtrend resistanceSource: 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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