MNI BRIEF: Fed Review Must Incorporate Many Scenarios - Kugler

MNI BRIEF: Fed's Kugler Says Makes Sense To Hold For Some Time

MNI BRIEF: Job On Inflation Not Done, Care Needed - BOE Pill

MNI BRIEF: Mexico Inflation Down To 3.59% In January

MNI BRIEF: Tariffs Force CBRT To Hike 2025 Inflation Forecast

MNI China Daily Summary: Friday, February 7

MNI: US DEC CONSUMER CREDIT +$40.8B

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 480; GAS RIGS 100

BAKER HUGHES CANADA RIG COUNT 249; OIL RIGS 177; GAS RIGS 72

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CANADA: USDCAD Pulls Lower With No Clear Drivers

CANADA
CanadaBulletMarketsFixed Income BulletsForeign Exchange BulletsNorth America
  • USDCAD has seen a reasonable pull back from earlier session highs of 1.4420 to 1.4369 over almost two hours and to fully unwind the push higher seen after the FT reported US Tsy Sec Bessent is pushing for new universal tariffs on US imports to start at 2.5% and rise gradually. It's since lifted ~15 pips quickly.
  • The push lower stands out considering a step lower in US equity futures (and saw CAD briefly as joint top performer on the day along with the USD) but it’s still small compared to some of the swings seen since President Trump’s inauguration.
  • Key directional triggers remain resistance at 1.4516 (Jan 21 high) and support at 1.4261 (Jan 20 low).
  • Earlier today, the Globe & Mail reported Ottawa is planning pandemic-level relief for workers and businesses if Trump imposes tariffs.
  • Tomorrow sees the BoC decision: https://media.marketnews.com/BOC_Preview_Jan2025_f128d669a0.pdf with the FOMC decision later on: https://media.marketnews.com/Fed_Prev_Jan2025_With_Analysts_c155c1a3c6.pdf
image
Source: Bloomberg
150 words

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.
  • USDCAD has seen a reasonable pull back from earlier session highs of 1.4420 to 1.4369 over almost two hours and to fully unwind the push higher seen after the FT reported US Tsy Sec Bessent is pushing for new universal tariffs on US imports to start at 2.5% and rise gradually. It's since lifted ~15 pips quickly.
  • The push lower stands out considering a step lower in US equity futures (and saw CAD briefly as joint top performer on the day along with the USD) but it’s still small compared to some of the swings seen since President Trump’s inauguration.
  • Key directional triggers remain resistance at 1.4516 (Jan 21 high) and support at 1.4261 (Jan 20 low).
  • Earlier today, the Globe & Mail reported Ottawa is planning pandemic-level relief for workers and businesses if Trump imposes tariffs.
  • Tomorrow sees the BoC decision: https://media.marketnews.com/BOC_Preview_Jan2025_f128d669a0.pdf with the FOMC decision later on: https://media.marketnews.com/Fed_Prev_Jan2025_With_Analysts_c155c1a3c6.pdf
image
Source: Bloomberg