ENERGY: Canada Week: Alberta And Ontario Pipeline Cooperation Pressures Carney
Jul-11 12:46
- Alberta Premier Danielle Smith and Ontario Premier Doug Ford signed agreements Monday to study new pipelines and rail infrastructure linking their provinces. The premiers also committed to pushing for federal regulatory reforms and agreed to advocate for nuclear energy development.
- Deloitte projects Alberta’s AECO natural gas benchmark will rise to an average CAD3.50 per MMBtu in 2026, up from a projected CAD2.20 in H2 2025 and CAD1.36 last year, driven by LNG Canada’s launch and expanded market access, the Canadian Press reported Monday. The increase will be driven by LNG Canada’s launch and expanded market access.
- Malaysia's Petronas said in a statement Monday that it has successfully shipped its first liquefied natural gas (LNG) cargo to Japan from its new LNG Canada facility in Kitimat, British Columbia. Petronas holds a 25% ownership stake in the Canadian plant.
- Sample headline: Carney says new oil pipeline proposal in Canada is highly likely (Reuters)
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FOREX: USD Snaps Lower Post US CPI, AUDUSD Fresh Cycle Highs
Jun-11 12:45
- The dollar snaps lower on the lower-than-expected CPI figures, with USDJPY down roughly 90 pips to reach a 144.33 low post the data.
- EURUSD extends its resilient profile through the Wednesday morning and is now narrowing the gap to last week’s 1.1495 post-ECB peak.
- Firmer equity benchmarks promote AUDUSD back towards the best levels of the cycle, registering a fresh high at 0.6546. The pair continues to pressure the late November highs, threatening a more protracted recovery towards the post US election highs aroun 0.6688.
EURJPY TECHS: Northbound
Jun-11 12:44
- RES 4: 170.47 76.4% retracement of the Jul 11 - Aug 5 2024 bear leg
- RES 3: 167.38 2.0% 10-dma envelope
- RES 2: 166.69 High Oct 31 2024 and a key resistance
- RES 1: 166.29 Intraday high
- PRICE: 165.81 @ 13:44 BST Jun 11
- SUP 1: 163.78 20-day EMA
- SUP 2: 162.95 50-day EMA
- SUP 3: 161.78 Low May 26
- SUP 4: 161.09 Low May 23 and key support
The trend set-up in EURJPY remains bullish and the latest rally reinforces current conditions. The cross has breached key resistance at 165.21, the May 13 high, and traded to a fresh cycle high today. This confirms a resumption of the uptrend and opens 166.69 next, the Oct 31 2024 high and a key resistance. Key short-term support lies at 161.09, the May 23 low, where a break is required to highlight a stronger reversal. First support lies at 163.78, the 20-day EMA.
BUNDS: Spikes 20 ticks post US CPI
Jun-11 12:38
A 20 ticks jump in Bund following the Lower than expected US Inflation Data, the initial resistance is still at 131.00, so far only managed a 130.84 high on the bounce, and short of the earlier printed high of 130.97.
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