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CANADA
- USDCAD has pulled back from a period earlier around 1.36, where there appears to be some resistance after topping out at 1.3604 on Aug 23.
- A more concerted push higher could open a key resistance at 1.3655 (May 26 high), but doing so would see the pair further in overbought territory on a 14-day RSI basis having already been there for an unusually long time by recent standards.
- There’s some reasonable cumulative option expiry at the NY cut today with $522mln at 1.3580 and $167mln at 1.3585 plus $405mln at 1.3500.
- Powell is clearly in focus, followed by further Fedspeak, with only advance wholesale sales on the local docket today.
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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