USDCAD TECHS: Recovers From Its Recent Lows
- RES 4: 1.3977 High Oct 13 ‘23 and a key M/T resistance
- RES 3: 1.3899 High Nov 1 and a key resistance
- RES 2: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
- RES 1: 1.3698/3785 High May 22 / High Apr 30
- PRICE: 1.3684 @ 08:08 BST May 23
- SUP 1: 1.3590 Low May 16 and the bear trigger
- SUP 2: 1.3547 Low Apr 9
- SUP 3: 1.3512 50.0% retracement of the Dec 27 - Apr 16 bull cycle
- SUP 4: 1.3478 Low Apr 4
USDCAD has recovered from its recent lows. A bullish trend condition remains intact. Recently, key supports at 1.3638, the 50-day EMA, and 1.3610, the May 3 low, have been pierced. A clear break of both levels would threaten the bullish theme and instead signal scope for a deeper retracement. For bulls, a stronger resumption of gains would refocus attention on the bull trigger at 1.3846, the Apr 16 high.
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USDCAD TECHS: Corrective Pullback Extends
- RES 4: 1.3977 High Oct 13 ‘22 and a key M/T resistance
- RES 3: 1.3899 High Nov 1 and a key resistance
- RES 2: 1.3855 High Nov 10 2023
- RES 1: 1.3804/46 High Apr 19 / 16
- PRICE: 1.3704 @ 08:04 BST Apr 23
- SUP 1: 1.3671 20-day EMA
- SUP 2: 1.3595 50-day EMA
- SUP 3: 1.3547 Low Apr 9
- SUP 4: 1.3478 Low Apr 4
USDCAD traded lower Monday. A bullish trend condition remains intact and the most recent pullback appears to be a correction, as an overbought condition unwinds. The pair has recently cleared resistance at 1.3614, the Mar 19, 22, 25 and 29 high. This opens 1.3855 next, the Nov 10 ‘23 high. Note that moving average studies remain in a bull-mode position, highlighting a clear rising trend. Support lies at 1.3671, the 20-day EMA.
EGB SYNDICATION: Finland 10-year: Guidance
- Guidance: MS+23bp area
- Size: EUR Benchmark (MNI expects E3bln, possible upsize to E4bln)
- Maturity: 15 September 2034
- Settlement: 30 April 2024 (T+5)
- Coupon: Fixed, Annual, Act/Act (ICMA), short first to 15 September 2024
- Bookrunners: Citi / Credit Agricole CIB / J.P. Morgan (B&D / DM) / Nomura / Nordea
- ISIN: FI4000571104
- Timing: Books open, today's business
EUROZONE ISSUANCE: EU-bond 3/20-year syndication guidance
New long 3-year EU-bond
- Maturity: 6 December 2027
- Tranche Size: E4bln WNG (MNI had expected E5bln)
- Coupon: Fixed Ann, ACT/ACT Short first coupon
- Guidance: MS - 4 bps area
- ISIN: EU000A3K4EW6
20-year 4.00% Apr-44 tap
- Tranche Size: E4bln WNG (MNI had expected E3bln)
- Guidance: MS + 69 bps area
- ISIN: EU00A3K4EL9
For both:
- Settlement: 30 April 2024 (T+5)
- JLMs: BNP Paribas/BofA Securities(DM/B&D)/Citi/LBBW/Natixis
- Timing: Books open, today’s business
