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USDCAD surged Thursday and in the process confirmed a clear break of resistance at 1.3084, the Jul 5 high. The break confirms a resumption of the primary uptrend, paving the way for gains towards a vol band based resistance of 1.3247 and the 1.3300 handle further out. Moving average studies remain a bull mode condition, reinforcing the current positive outlook. Key support has been defined at 1.2936, the Jul 8 low.
Investment-grade corporate credit risk cooled Friday, near session lows as stocks looked to finish near highs. Risk appetite improved as Atlanta Fed Bostic, SF Fed Daly helped temper the hawkish post-CPI rhetoric. SPX eminis currently trading +64.5 (1.7%) at 3858.25; DJIA +589.96 (1.93%) at 31224.49; Nasdaq +171.9 (1.5%) at 11424.61.
Tsys trading moderately higher, inside session range as Fed speak appeared to move markets more than economic data. Reminder: Fed enter policy blackout at midnight tonight.