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Markets consolidating ahead of holidays.

Posted on: December 20, 2016

Not much to talk about as most currencies are trading close to yesterday’s close with the exception of the yen. BOJ kept rates unchanged with Kuroda highlighting that JPY is not excessively weak. JPY sold off through out the night on the comment and is trading back at the 118 handle after founding support at 116.55 yesterday afternoon.

USDCAD has been very quiet amid the holiday liquidity. It’s been slowly grinding up but found supply in the 1.3420/30 area overnight and has pull back into the 1.3370/80 with the help of rising oil prices. That said, I still like USDCAD higher with the divergence in central bank monetary policies but don’t think it’s going to move that far until the new year.

Good luck trading!

  • Previous Day’s NA Range 1.3369 - 1.3423
  • Asia overnight range 1.3395 – 1.3417
  • London overnight range 1.3407 - 1.3434


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