Free Trial

USDCAD Pulls Back Off Fresh Recent Highs

CANADA
  • Recoveries in WTI and the S&P e-mini off lows have come with USDCAD pushing lower to 1.3502, but only after it touched a high of 1.3553 overnight.
  • It further builds on clearance of 1.3523 (76.4% retrace of May26 -Jul14 downleg) to open 1.3585 (Jun 1 high) before a key 1.3655 (May 26 high). The 14-day RSI sits at 68 after yesterday’s foray into overbought territory.
  • Today sees heavy expiry at the NY cut with $1.026B at 1.3490.
  • From the main docket, US jobless claims and Philly Fed could be impactful, less so the Canadian side including lower tier data plus 2Y issuance.

To read the full story

Close

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.