ASIA: Government Bond Issuance Today
* Singapore to Sell 1.625% 2031 Bonds On Jun. 26...
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ASIA: Coming Up In Asia Pac Markets On Wednesday
| 0050BST | 0750HKT | 0950AEST | Japan Apr PPI Services |
| 0120BST | 0820HKT | 1020AEST | Fed's Kashkari Speaks At BoJ Confernce |
| 0130BST | 0830HKT | 1030AEST | Australia Apr Westpac Leading Index |
| 0230BST | 0930HKT | 1130AEST | Australia Apr CPI |
| 0230BST | 0930HKT | 1130AEST | China Apr Industrial Profits |
| 0230BST | 0930HKT | 1130AEST | Australia Q1 Construction Work Done |
| 0300BST | 1000HKT | 1200AEST | RBNZ Policy RateDecision |
| 0300BST | 1000HKT | 1200AEST | South Korea Retail Sales |
| 0400BST | 1100HKT | 1300AEST | South Korea Q1 Short Term External Debt |
| 0400BST | 1100HKT | 1300AEST | RBNZ Governor Press Conference |
| 0435BST | 1135HKT | 1335AEST | Japan 40yr Bond Sale |
Source: Bloomberg Finance L.P./MNI
CANADA DATA: April Sales Shaping Up Solidly, Led By Factories
StatCan estimates that manufacturing sales grew by 4.6% M/M in April - with the petroleum and coal product subsector leading gains. That would mark the best rate of growth since February 2022, though in part reflects a rebound from negative sales around the turn of the year owing to auto retooling-related shutdowns.
- April's shaping up to be solid from (at least) a nominal perspective for sales indicators: retail advance sales are indicated up 0.6%, with core wholesale sales up 0.1%. That would translate into quarterly (3M/3M annualized) growth rates of 9% for retail, 22% for manufacturing, and 15% for wholesale in the first month of the 2nd quarter.
- Thursday brings March (by industry) and Q1 (overall) GDP data; estimates are for 1.5% Q/Q SAAR gain in the quarter, in line with the BOC's estimate, though the range of forecasts is skewed toward a slight beat. The flash estimate for Q1 by industry was 1.7%.
USDCAD TECHS: Short-Term Bull Cycle Intact
- RES 4: 1.3899 High Apr 8
- RES 3: 1.3875 1.0% 10-dma envelope
- RES 2: 1.3869 76.4% retracement of the Mar 31 - May 1 bear leg
- RES 1: 1.3825 High May 22
- PRICE: 1.3813 @ 16:26 BST May 26
- SUP 1: 1.3725/3643 50-day EMA / Low May 8
- SUP 2: 1.3550 Low May 1
- SUP 3: 1.3526 Low Mar 9
- SUP 4: 1.3482 Low Jan 30 and key support
A bullish cycle in USDCAD remains intact for now, and last week’s gains reinforce the short-term condition. The move higher signals scope for an extension towards 1.3869 next, a Fibonacci retracement point. For bears, a reversal would mark the end of recent gains and pave the way for a move towards 1.3550, the Mar 9 low and a key support. First pivot support to watch is 1.3725, the 50-day EMA.
