USDCAD TECHS: Southbound
Jun-06 20:00
- RES 4: 1.4200 Round number resistance
- RES 3: 1.4111 High Apr 4
- RES 2: 1.3918/1.4016 50-day EMA / High May 12 and 13
- RES 1: 1.3801 20-day EMA
- PRICE: 1.3692 @ 16:25 BST Jun 6
- SUP 1: 1.3611 Low Oct 8 2024
- SUP 2: 1.3579 1.500 proj of the Feb 3 - 14 - Mar 4 price swing
- SUP 3: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing
- SUP 4: 1.3473 Low Oct 2 2024
The trend structure in USDCAD remains bearish and the pair traded lower Thursday, delivering a fresh cycle low. Support at 1.3686, the May 26 low and a bear trigger, has been cleared. This confirms a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. Sights are on 1.3579 next, a Fibonacci projection. Resistance at the 50-day EMA is at 1.3918 - a key level. The 20- EMA is at 1.3801.
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STIR: Tiny Net Moves On FOMC and Powell
May-07 19:50
- Powell consistently talking on the need for patience and greater clarity before moving rates (we count “wait” 25 times in a rough transcript) has reversed the initially modest dovish reaction to the FOMC announcement.
- Politics clouds the moves though. As we noted earlier the initial rally also seemed to be boosted by Trump headlines shortly beforehand on being unwilling to lower tariffs on China in order to get it to the table landing. On the other hand, Bloomberg reporting just now that the Trump administration plans to rescind Biden-era AI chip curbs has marginally helped pare gains.
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US TSYS: BLOCK: Large Jun'25 5Y Sale
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May-07 19:48
Stocks rebound off lower levels following headline that Pres Trump rescinds global chips curb:
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