MNI China Daily Summary: Thursday, June 27

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USDCAD Unwinds Early Strength On US ECI

CANADA
  • USDCAD has unwound the step higher from European hours, bolstered primarily by a relief rally from weaker than expected US ECI growth and little idiosyncratic impact from monthly GDP broadly in line.
  • 1.3406 leaves the pair down 70 pips off earlier highs and 40 pips since the 0830ET data, with the +0.2% increase on the day leaving CAD still broadly mid-pack of majors.
  • The MNI Chicago PMI ahead at 0945ET could provide a next catalyst. Key short-term resistance seen 1.3521 (Jan 19 high), support 1.3300 (Jan 30 low).

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