Free Trial
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
- USDCAD seeing a modest rise on the latest step down in equities but remains remarkably steady today, up just +0.1% at 1.2584.
- A further hawkish nudge from Dep Gov Beaudry yesterday, noting “more forcefully” can be either a higher terminal rate (with increased risk of going to the top of the 2-3% neutral range or above) or larger than 50bp hikes, sees CAD lead other majors.
- It earlier dipped below 1.2562 (76.4% retrace of Apr5-May12 uptrend), a clear breach of which would strengthen current bearish conditions and open support at 1.2459 (Apr 21 low). Resistance meanwhile is eyed at 1.2686 (Jun 2 high).
- Further moves lower are however likely conditional on improved risk sentiment. Gov Macklem is unlikely to be able to build on existing hawkishness when speaking on Jun 9 after the Financial System Review, leaving scope for some unwinding of the recent decline in USDCAD.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok