EU TRANSPORTATION: Air France-KLM: Issuance
(AFFP: NR/BB+/BBB-) Company; "the high level of oversubscription and quality of demand allowed the ...
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EURIBOR OPTIONS: Upside Structures are favoured
Euribor Option Flow is to the upside in early trade, taking advantage of the sell off in futures or potentially used as Hedges.
- ERM6 98.37/98.50/98.75/98.87c condor, bought for half in 5k.
- ERM6 98.00/98.12cs, bought for 2 in 5k.
- ERM6 98.12/98.18/98.25c fly, bought for half in 4k.
SOFR: SFRH6/U6 Sold
SFRH6/U6 2K given at -33.0. Spread traded at the highest level seen since July (-31.5) yesterday. Consensus looks for a “hawkish cut” at today’s FOMC decision.
USDCAD TECHS: Southbound
- RES 4: 1.4140 High Nov 5 and a key resistance
- RES 3: 1.4051 High Nov 28
- RES 2: 1.3939/3971 Low Nov 28 / 20-day EMA
- RES 1: 1.3888 Low Oct 29
- PRICE: 1.3854 @ 08:05 GMT Dec 10
- SUP 1: 1.3800 Low Dec 08
- SUP 2: 1.3769 61.8% retracement of the Jun 16 - Nov 6 bull cycle
- SUP 3: 1.3727 Low Sep17
- SUP 4: 1.3682 76.4% retracement of the Jun 16 - Nov 6 bull cycle
A bear theme in USDCAD remains intact and is trading just ahead of its recent lows. The pair has breached the base of a bull channel drawn from the Jul 23 low. The break highlights a stronger bear cycle and signals scope for an extension towards 1.3769 next, a Fibonacci retracement point. Initial firm resistance to watch is 1.3971, 20-day EMA. Short-term gains would be considered corrective.
