For his part, Powell didn't make much of an effort to convince that the Fed could and should soon ea...
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Dallas Fed Pres Logan, formerly the head of the Fed's SOMA portfolio at the NY Fed, continued to advocate for banks to use Fed facilities including the standing repo facility and discount window in times of stress.
Despite the latest move higher, the trend condition remains bearish in USD/CAD and Monday’s weakness confirms recent strength as corrective. A fresh cycle low on May 6 reinforces the bearish theme. A resumption of weakness would open 1.3744, a Fibonacci retracement. Note that moving average studies are in a bear mode position, highlighting a dominant downtrend. Key resistance is seen at 1.4024, the 50-day EMA.
Treasuries recovered from early weakness to close flat/stronger Monday, with bull steepening in the curve.