MNI China Daily Summary: Friday, January 10

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AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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CAD: USD/CAD Well Within Range of Bull Trigger Ahead of BoC Deliberations

CAD
USCanadaBulletMarketsForeign Exchange BulletsNorth America

Despite slippage into the Friday close, USDCAD remains well toward the upper-end of the recent range, with 1.4467 the initial target ahead of 1.4508 - the 3.236 proj of the Oct 17 - Nov 1 - 6 price swing.

  • Bulls remain in the driver’s seat: the recent breach of 1.4178, the Nov 26 high, confirmed a resumption of the uptrend and note that moving average studies are in a bull-mode position, highlighting a dominant uptrend.
  • CAD GDP data has done little to cap USD/CAD gains today, as political uncertainty (including the building argument within the Liberal Party for Trudeau to step down as prime minister.
  • BoC minutes are due later today - covering the Dec11 rate decision at which the bank cut the lending rate by 50bps to 3.25%. Key for the release could be any expansion of the communications from the closing paragraphs of the Dec policy statement; that the BoC "will be evaluating the need for further reductions in the policy rate".
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Despite slippage into the Friday close, USDCAD remains well toward the upper-end of the recent range, with 1.4467 the initial target ahead of 1.4508 - the 3.236 proj of the Oct 17 - Nov 1 - 6 price swing.

  • Bulls remain in the driver’s seat: the recent breach of 1.4178, the Nov 26 high, confirmed a resumption of the uptrend and note that moving average studies are in a bull-mode position, highlighting a dominant uptrend.
  • CAD GDP data has done little to cap USD/CAD gains today, as political uncertainty (including the building argument within the Liberal Party for Trudeau to step down as prime minister.
  • BoC minutes are due later today - covering the Dec11 rate decision at which the bank cut the lending rate by 50bps to 3.25%. Key for the release could be any expansion of the communications from the closing paragraphs of the Dec policy statement; that the BoC "will be evaluating the need for further reductions in the policy rate".