Free Trial

USDCAD Unwinds Half Of Risk-Off Jump

CANADA
  • The recovery in risk sees USDCAD unwind around half of today’s move higher, now +0.5% at 1.2830.
  • It had touched 1.2873 as risk-off flows from a weak US open before the PMI, Richmond Fed Mfg index and new home sales all missed were compounded for the pair due to Canada’s close linkages.
  • Despite the lurch higher, it didn’t test initial resistance which continues to be eyed at 1.2896 (May 18 high), whilst support remains the 50-day EMA of 1.2763 having stopped just short of it yesterday.

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.