USDCAD TECHS: Southbound

• RES 4: 94.00 Round number resistance    
• RES 3: 93.79 High Mar 4 and a bull trigger         
• RES 2: 93.06 Low Mar 4 and a gap high on the daily chart  
• RES 1: 92.11/93.01 20-day EMA / High Mar 20 and a S/T bull trigger                       
• PRICE: 91.30 @ Close Mar 25
• SUP 1: 91.07 Low Mar 13                                      
• SUP 2: 90.71 Low Mar 6 and a bear trigger  
• SUP 3: 90.49 1.618 proj of the Feb 6 - 20 - Mar 4 price swing  
• SUP 4: 90.19 1.764 proj of the Feb 6 - 20 - Mar 4 price swing

The short-term trend outlook in Gilt futures remains bearish and recent gains appear to have been a correction. Monday’s move lower reinforces a bear theme. Key short-term resistance has been defined at 93.01, the Mar 20 high. A break of this level is required to highlight a bullish condition. For now, attention is on support at 91.07, the Mar 13 low, and the bear trigger at 90.71, the Mar 6 low. A break of 90.71 resumes the downtrend.

The BOJ's demand indexes show costs are being increasingly passed on downstream -- on MNI Policy MainWire now, for more details please contact sales@marketnews.com.

Austria, Greece and Italy are all still due to sell bills this week, while Germany and France came to the market yesterday. We expect issuance to be E21.4bln in first round operations, up from E19.4bln last week.

• On Tuesday morning, Austria will sell E1bln of the 4-month Jul 24, 2025 ATB and E0.75bln of the new 6-month Sep 25, 2025 Green ATB.
• On Wednesday, Greece will issue E500mln of the new 26-week Sep 26, 2025 GTB.
• Finally on Thursday, Italy will come to the market to sell E7bln of the new 6-month Sep 30, 2025 BOT.