CANADA: USDCAD Pushes Week Highs With Equities & Oil Fading Further
May-12 18:29
- USDCAD has pushed to new session highs of 1.3565 (+0.5%) as the S&P e-mini pushes lows again whilst WTI continues to test $70/bbl.
- The earlier break of a narrow range around 1.349 and then resistance at 1.3515 (50-day EMA) has opened resistance next at 1.3640 (May 3 high).
- There is reasonable cumulative option expiry for Monday’s cut at nearby strikes that could offer some resistance for a move much higher: 1.3550 ($531m), 1.3520 ($324m), 1.3505 ($381m) and 1.3500 ($669m).
- Debt limit talks on Monday aside, Tuesday sees a more material docket with US retail sales and CAD CPI landing at 0830ET.
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Historical bullets
US TSY OPTIONS: Post-Minutes 5Y Put Sale
Apr-12 18:08
- -3,200 FVM 109 puts, 28.5 ref 110-00
STIR: Initial Market Reaction Looks Through Minutes
Apr-12 18:05
FOMC-dated OIS little changed for May 3 FOMC with 17.5bp hike priced having ticked 0.5bp lower just before the minutes release. Equally limited reaction for meetings further out.
US TSY FUTURES: Post-March FOMC Minutes React
Apr-12 18:03
- Treasury futures show muted initial reaction following March FOMC minutes release, a unanimous 25bp hike revealed, while "MANY OFFICIALS LOWERED PEAK FED FUNDS ON BANK STRESSES.
- Bonds still weaker but scaling back losses (USM3 -11 at 132-010 vs. 131-15 low)., yield curves steeper, 2s10s +3.242 at -56.591.
