CANADA MAY RETAILS -0.8% VS FORECAST -0.6%, PRIOR +0.6%

MNI: Canada June Retails Fall And May Biggest Drop In A Year

MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 477; GAS RIGS 103

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

USDCAD Tests Resistance After ECI Strength and GDP Miss

CANADA
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • Strong US employment costs and lacklustre Canadian monthly GDP growth (0.2% M/M vs cons 0.3, Mar advance indicated flat) have seen USDCAD touch a high of 1.3729 after lifting ~50 pips on the data albeit after slipping into the release.
  • It stopped just short of resistance at 1.3731 (Apr 25 high), with next resistance seen around the 1.38 handle with 1.3804 (Apr 19 high).
  • Can-US yield differentials have slipped 2-3bps across 2 to 10-year tenors.
  • There’s not much change in BoC-dated OIS for near-term meetings, with April labour and CPI reports still to come before the next decision in June. Markets look for ~13bp of cumulative cuts for June with a cut fully priced for July.
113 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.
  • Strong US employment costs and lacklustre Canadian monthly GDP growth (0.2% M/M vs cons 0.3, Mar advance indicated flat) have seen USDCAD touch a high of 1.3729 after lifting ~50 pips on the data albeit after slipping into the release.
  • It stopped just short of resistance at 1.3731 (Apr 25 high), with next resistance seen around the 1.38 handle with 1.3804 (Apr 19 high).
  • Can-US yield differentials have slipped 2-3bps across 2 to 10-year tenors.
  • There’s not much change in BoC-dated OIS for near-term meetings, with April labour and CPI reports still to come before the next decision in June. Markets look for ~13bp of cumulative cuts for June with a cut fully priced for July.