BOC: RBC No Longer Sees Further BOC Cuts With Growth Staying Resilient
RBC's latest quarterly projections update sees the Bank of Canada's easing cycle at an end, versus t...
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US TSY FUTURES: BLOCK: Jun'25 2Y Buy
- +7,400 TUM5 103-07.5, buy through 103-07.38 post time offer at 1328:57ET, DV01 $270,000.
- The 2Y contract trades 103-07.62 last (-1.62).
US STOCKS: Stocks Retreating
Nasdaq still mildly higher/off early morning levels - Communication Services & IT still leading gainers, Health Care - pharmaceuticals underperforming. No obvious headline driver here - more likely profit taking after levels climbed to the highest levels since prior Apr 2 Liberation day/tariff annc., position squaring ahead of Thursday's data.
- DJIA down 147.92 points (-0.35%) at 42143.74
- S&P E-Mini Future down 6.5 points (-0.11%) at 5914.25
- Nasdaq up 62.8 points (0.3%) at 19130.52
GBPUSD TECHS: Bullish Engulfing Candle
- RES 4: 1.3550 High Feb 24 ‘22
- RES 3: 1.3510 1.236 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 2: 1.3402/3444 High May 6 / High Apr 28 / 29 and the bull trigger
- RES 1: 1.3323 High May 9
- PRICE: 1.3304 @ 15:46 BST May 14
- SUP 1: 1.3140 Low May 12
- SUP 2: 1.3095 50-day EMA
- SUP 3: 1.3041 Low Apr 14
- SUP 4: 1.2968 Low Apr 11
Recent weakness in GBPUSD is considered corrective. Tuesday’s gains highlight a possible reversal pattern - a bullish engulfing candle. If correct, the pattern signals the end of the corrective cycle. Key support to watch is 1.3095, the 50-day EMA. A continuation higher would refocus attention on the key resistance and bull trigger, at 1.3444, the Apr 28 / 29 high. A break of this level would resume the uptrend.
