Germany, Italy and Belgium all still look to issue this week while the EU came to the market yesterday. We pencil in gross nominal issuance of E21.2bln, up from E15.4bln last week.
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USDCAD remains in consolidation mode and is trading above key support at 1.3093, the Jul 14 low. Moving average studies continue to highlight a dominant downtrend. A break of 1.3093 would confirm a resumption of the medium-term bear cycle. This would open 1.3084 and 1.3032, Fibonacci projection points. On the upside, clearance of the 50-day EMA, at 1.3288, is required to highlight a possible short-term reversal.
AUDUSD traded sharply lower Friday, extending the reversal from Thursday’s 0.6821 high. The move down reinforces a bearish theme and note that the pair is trading below both the 20- and 50-day EMAs. This signals scope for weakness towards the next key support at 0.6596, the Jun 29 low. On the upside, key short-term resistance has been defined at 0.6821, where a break is required to reinstate a bullish theme.