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CAD weakens overnight as oil sells off

Posted on: October 24, 2016

After the flurry of Central Bank activity last week, the market takes a breather this week. Speeches by Poloz and Draghi had the Canadian dollar and the Euro weakening off last week, and a poor retail sales number shot CAD through the 1.3300 level. The probability of a rate hike in the US in December has increased to 68% while the probability of the BoC cutting rates in December has jumped to 13%. Overnight WTI has sold off, dragging the CAD down with it. The market has put in some pretty good support around 1.3300 thanks to the break higher, I look to add longs at that level.

  • Friday’s NA Range 1.3226 – 1.3355
  • Asia Overnight Range 1.3324 – 1.3359
  • London Overnight Range 1.3332 – 1.3358

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