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USD strength remains the name of the game

Posted on: December 19, 2016

The trend was your friend on Friday, with USD buying continuing to be the dominant trade. USDCAD churned higher all day before finding resistance around 1.3390.

For USD buyers who were hoping to wake up Monday morning and realize the past few days were all a bad dream, longing for a visit from The Ghost of Monetary Policy Past, there was no such luck. USD remained well bid over the weekend and continues to grind higher this morning, looking to test 1.3400 over the next couple of sessions. GBP and EUR continue to get dragged down against the dollar, with JPY the only G10 outperforming the USD. The move has been so strong its tough to pick an entry point, but I like reloading USDCAD longs on dips around 1.3350 and 1.3300.

While most G10 markets are already in holiday mode, we do have some important Canadian data this week that could create some volatility thanks to thin liquidity. Wholesale Trade, Retail Sales and CPI are all out on Tuesday while GDP numbers drop on Friday.

Happy Trading!

  • Friday’s NA Range 1.3325– 1.3393
  • Asia Overnight Range 1.3320 – 1.3348
  • London Overnight Range 1.3338– 1.3396


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