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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.
CANADA
- USDCAD at 1.3665 is seeing a slight unwinding of the earlier rise to 1.3684, itself having come after lifting off a low of 1.3629 which cleared support at the 50-day EMA of 1.3639. A resumed move lower could a trendline support at 1.3570 drawn from the Jul 14 low.
- Looking more broadly, the typical drivers for recent moves in USDCAD don’t warrant the intraday lift today. The S&P e-mini maintains particularly narrow ranges to consolidate Friday’s post-payrolls gain and WTI is currently +1.5% to retrace some of Friday’s slide.
- One factor potentially carrying more prominence is a further drift wider in CAN-US yield differentials, at -49bps for the 2Y and -85bp for the 10Y.
- Released late Friday, CFTC data showed a fourth consecutive month for CAD net shorts, at least in futures space, at -25%. It compares with -38% for AUD and -22% for NZD.
Source: Bloomberg
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.
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