Free Trial

USDCAD Steady At New Found Level Just Shy Of 1.35 Handle

CANADA
  • A bounce off lows for the S&P E-mini does little to impact USDCAD, which at 1.349 (+0.9%) trades close to earlier highs of 1.3496 after more than half the day’s increase was spurred by risk-off flows primarily after higher-than-expected US initial jobless claims.
  • It has cleared resistance at 1.3473 (Apr 21 low) but hasn’t pushed on since then as it struggles to break away from the 20-day EMA of 1.3490. A more sustained push higher could open 1.3519 (50-day EMA) after which lies a sizeable jump to 1.3640 (May 3 high).
  • CAD trades mid-pack of majors on the day. It next eyes the Senior Loan Office Survey for Q1 tomorrow at 1030ET, typically taken towards the end of the quarter for a first look at any spillover in lending standards from US regional banking woes, but ultimately with local attention on CPI on Tuesday.

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.