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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 extended yesterday’s decline to touch 1.3437 to reverse the almost 100 pip shift higher from the Wednesday’s strong US PMIs and somewhat of a dovish pivot from the BoC.
- It's close to testing support at 1.3434 (20-day EMA), clearance of which could open 1.3343 (Jan 12 low).
- Today’s largest option expiry for the NY cut is seen at 1.3390 (a solid $1.17bn), potentially helping bias the short-term move lower although the technical set-up is still seen as favouring a bullish outlook.
- The US PCE report is in the spotlight. It will overshadow the Canadian wholesale trade advance for Dec, just like the US GDP/PCE Q4 advance did yesterday with CAD mfg sales (-0.6% M/M after +1.2%). Recall the retail sales Dec advance was a strong 0.8% M/M after -0.2%.
USDCAD 20-day EMA (green line)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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