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CAD continues to gain strength as market turns focus to the Fed

Posted on: December 09, 2016

Yesterday saw USDCAD chop around in a 50-pt range for most of the session, eventually breaking below 1.3200 after being thwarted the first two times. EURCAD was dragged lower along with the rest of the EUR crosses by the ECB’s announcement of tapering asset purchases to 60B, despite how many times Draghi tried to deny it.

Overnight markets were fairly quiet, with most people looking toward the Fed Announcement on Wednesday as the last big thing before the holiday season. EUR crosses remain lower, and EURUSD is trading in the mid 1.05s. USDJPY is still flirting with 115 as the market looks for another a new set of highs. WTI rebounded from a test of $50, which has CAD weaker this morning. Pretty light on the data front today, with Wholesale Inventories and Michigan Sentiment.

Have a good weekend!

  • Yesterday’s NA Range 1.3185– 1.3251
  • Asia Overnight Range 1.3187 – 1.3213
  • London Overnight Range 1.3162– 1.3239

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