EM LATAM CREDIT: MNI EM Credit Market Wrap - LATAM (22 Apr)

• CANADA PM CARNEY TO MEET GOVERNOR GENERAL AT NOON
• CARNEY EXPECTED TO SEEK ELECTION

Treasury has $163B of "extraordinary measures" remaining for authorities to use to fend off hitting the debt limit as of March 19, per the latest release of Treasury data. That's up from $86B on Mar 17 and a low of $34B on Feb 24.

• That's a little under half of the $377B in measures available to Treasury, with most of the amount remaining ($143B) coming from the so-called "G Fund".
• This headroom is in addition to $416B in cash left in the TGA, at last count.
• We haven't seen any changes recently to "x-dates" by when Treasury will run out of cash until the debt limit is lifted.
• Consensus still centers around late July/early August, but much will depend on April's major mid-month tax take. Treasury wrote to Congress last week that they would be able to provide an update on the x-date in the first half of May, after the conclusion of tax season.

• RES 4: 1.4793 High Feb 3 and key resistance
• RES 3: 1.4700 Round number resistance 
• RES 2: 1.4641 76.4% retracement of the Feb 3 - 14 bear leg 
• RES 1: 1.4452/4543 High Mar 13 / 4 and a bull trigger  
• PRICE: 1.4345 @ 16:27 GMT Mar 21
• SUP 1: 1.4242 Low Mar 6 and a key near-term support   
• SUP 2: 1.4151/4107 Low Feb 14 / 50.0% of Sep 25 - Feb 3 bull run
• SUP 3: 1.4011 Low Dec 5 ‘24
• SUP 4: 1.3944 61.8% retracement of the Sep 25 ‘24 - Feb 3 bull cycle

USDCAD is trading closer to its recent lows. The bull cycle that started Feb 14 remains intact and moving average studies remain in a bull-mode position, highlighting a dominant uptrend. Note that the latest pullback has exposed a near-term key support at 1.4242, the Mar 6 low. Clearance of this level would undermine the bull theme and instead highlight potential for a test of 1.4151, the Feb 14 low and a bear trigger. The bull trigger is 1.4543, the Mar 4 high.