Eurozone excess liquidity increased by E0.295bln during the w/c June 2, keeping the measure at E2.703trn as of last Friday, June 6. This minor increase shouldn't raise questions around the longer-term of an orderly downtrend. Excess liquidity has declined by 43% from the series high of E4.748trn in November 2022.
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USDCAD has recovered from its recent lows. Despite the recovery, the trend condition remains bearish and short-term gains are considered corrective. A fresh cycle low on Tuesday reinforces the bearish theme. Potential is seen for a move towards 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 1.4041, the 50-day EMA.