CANADA: PM Carney-Can Pick Up On Trade Talks When US Is Ready

Oct-24 14:10

(MNI) London - Reuters reports first public comments from PM Mark Carney following US President Donald Trump's announcement that trade talks with Canada would be "terminated immediately". Carney says, "We can't control the trade policy of the US...We recognise US policy has changed...Canadian officials have been working on negotiations on trade, lots of progress [has been] made" Says Canada, "stands ready to pick up on that progress and build on that progress when the Americans are ready to have those discussions."

  • Ontario Premier Doug Ford, who has been more combative towards the US than Carney and whose gov't funded the offending TV ads, posted on social media, Canada and the United States are friends, neighbours and allies. President Ronald Reagan knew that we are stronger together. God bless Canada and God bless the United States.
  • CBC reports that Trump's move caught the gov't 'off guard'. Speaking to reporters, Director of the US' National Economic Council Kevin Hassett implies Trump's move was not a knee-jerk reaction, and that "frustration has built up over time...frustrations over a lack of flexibility".
  • Carney says, "We can focus on new partnerships, including with Asia." This is notable as Carney prepares to make the first Asia trip of his tenure. The gov't has indicated a major shift in Ottawa's stance on China. In 2022, in its Indo-Pacific Strategy, the gov't of then-PM Justin Trudeau identified China as an increasingly disruptive global power”, but now refers to Beijing as a 'strategic partner. ' 

Historical bullets

US TSYS: Post-New Home Sales React

Sep-24 14:06
  • Treasuries extending session lows after the much better than expected rise in new home sales ($ MoM figure) - nearing yesterday's low.
  • Currently, the Dec'25 10Y trades -6 at 112-22 (yld 4.1369% +.0308) vs. 112-21.5 low - nearing technical at 112-205/112-155 (Low Sep 22 / High Aug 5 and 14). resistance above at 113-12/29 High Sep 18 / High Sep 11 and the bull trigger.
  • Curves mildly steeper: 2s10s +2.913 at 54.711, 5s30s +.261 at 105.195.
  • US$ index near highs, Bbg's BBDXY +6.31 at 1201.98. 

EQUITY TECHS: E-MINI S&P: (Z5) Bull Cycle Intact 

Sep-24 14:06
  • RES 4: 6812.29 2.382 proj of the Aug 20 - 28 - Sep 2 price swing 
  • RES 3: 6800.00 Round number resistance 
  • RES 2: 6787.63 1.382 proj of the Aug 1 - 15 - 20 price swing   
  • RES 1: 6756.75 High Sep 22  
  • PRICE: 6709.50 @ 14:55 BST Sep 24
  • SUP 1: 6625.74 20-day EMA
  • SUP 2: 6577.25 Low Sep 10 
  • SUP 3: 6506.07 50-day EMA 
  • SUP 4: 6417.25 Low Aug 12 

A bull cycle in S&P E-Minis remains intact and the contract traded to a fresh cycle high on Monday. Price has recently breached the 6700.00 handle and this signals scope for an extension towards 6787.63, a Fibonacci projection point. Moving average studies remain in a bull-mode position, highlighting a dominant uptrend and positive market sentiment. Initial support to watch lies at 6625.74, the 20-day EMA.

MNI: US AUG NEW HOME SALES +20.5% TO 0.800M SAAR

Sep-24 14:00
  • MNI: US AUG NEW HOME SALES +20.5% TO 0.800M SAAR
  • US JUL NEW HOME SALES REVISED TO 0.664M SAAR