CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USDCAD Sees A New Low With Two CAD Risk Events Ahead

CANADA
  • USDCAD has nudged to new session lows of 1.3653 having sat around 1.3660 for the past 90 minutes at lows since Jun 4 (the day before the BoC cut for the first time this cycle), i.e. with China EV tariff headlines having little immediate impact.
  • CAD fares well across the board despite the broader USD weakness, ahead of two important risk events with BoC’s Macklem speaking later (text released 1330ET, speech starts 1345ET & media Q&A 1500ET) and CPI tomorrow.
  • The trend decline in USDCAD from the recent high of 1.3792 came after CAD net shorts reached particularly elevated levels at 42% of OI in CFTC data for their most exposed since 2017 (last week’s update due late today after a holiday delay).
  • Recent piercing of support sees the next key support at 1.3590 (May 16 low) before 1.3547 (Apr 9 low) whilst to the upside lies 1.3792 (Jun 11 high).
  • Tomorrow's option expiry is light, offering little in the way of directional input.
Homepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Homepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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.