Free Trial
US TSY FUTURES

Gearing Up to Replace Sep w/ Dec

EQUITIES

US cash open and option expiry

EGB OPTIONS

Bobl downside structure

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

USDCAD Pushes Back On Technical Bearish Trend

CANADA
  • USDCAD sits +0.5% at 1.2928, having earlier cleared firm resistance at 1.2947 (Jul 25 high) with a session high of 1.2985 an hour after payrolls.
  • In doing so it pushes further back against the recently emerged technical bearish outlook and opens resistance at 1.3038 (Jul 18 high).
  • A further decline in Can-US yield differentials to recent lows (2Y flat, 10Y -9bps) helps drive this move but CAD sees some support from oil nudging higher to outperform other majors on the day, albeit with correlation fading again on a rolling 20-day basis.
  • Further sizeable option expiry for Monday’s cutoff with 1.0B at 1.2950 could provide some traction in what is likely to be a session driven by headlines with a dearth of US and Canadian data/speakers.
122 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.
  • USDCAD sits +0.5% at 1.2928, having earlier cleared firm resistance at 1.2947 (Jul 25 high) with a session high of 1.2985 an hour after payrolls.
  • In doing so it pushes further back against the recently emerged technical bearish outlook and opens resistance at 1.3038 (Jul 18 high).
  • A further decline in Can-US yield differentials to recent lows (2Y flat, 10Y -9bps) helps drive this move but CAD sees some support from oil nudging higher to outperform other majors on the day, albeit with correlation fading again on a rolling 20-day basis.
  • Further sizeable option expiry for Monday’s cutoff with 1.0B at 1.2950 could provide some traction in what is likely to be a session driven by headlines with a dearth of US and Canadian data/speakers.