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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
- Broad USD weakness today has seen USDCAD push to lows of 1.3375 in a break of a narrow range between 1.34-1.345 seen since Thursday’s slide as global factors added to the prior beat for CAD GDP.
- The pair currently trades 15 pips higher (-0.1% on the day) but the move lower has opened 1.3363 (May 11 low) before a key near-term support at 1.3315 (May 8 low). Resistance seen at 1.3505 (20-day EMA).
- CAD trades towards the bottom of the G10 FX pack ahead of the BoC at 1000ET. OIS prices a 50/50 call between holding and hiking for the first time since Jan, opening scope for snap moves simply on the rate decision alone before considering the totality of the guidance.
- With just a single page statement today, any messaging confusion will have to wait until Dep Gov Beaudry’s remarks tomorrow at 1510ET.
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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