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Central Bank decisions headline busy week in currency markets

Posted on: January 30, 2017

Friday represented a slow grind higher in USDCAD, as the market seemed determined to end the week above the 100 week moving average that now sits right around 1.3100. Those with a bias for USDCAD to continue to trade higher should look at protecting themselves around 1.3000, as a break of the double-bottom could cause a swift trip to a 1.28 handle. Those needing to purchase USD can layer in purchases while watching for a break of 1.3200 upwards.

Over the weekend Trump news dominated the headlines, with immigration taking centre stage as the Executive Order to temporarily ban immigrants from 7 countries generated confusion and division before being struck down by a Federal judge so it could be refined. We still do not have details on tax reform or Obamacare repeal which could weigh on fixed income markets. Overnight, Japanese retail sales came in below expectations but the JPY continues to outperform against the USD on the session.

Barring any headlines, today should be the calm before the Central Bank storm, with the Bank of Japan kicking off the fireworks overnight tonight, followed by the Fed on Wednesday and the Bank of England on Thursday. Lots of key data points sprinkled in the mix to keep an eye on as well, with Personal Spending in the US coming in right on the screws this morning. Tomorrow in Canada we get GDP and in the US we have Chicago PMI, topped of with Non-Farm Payrolls on Friday.

  • Friday’s NA Range 1.3090 – 1.3154
  • Asia Overnight Range 1.3122 – 1.3144
  • London Overnight Range 1.3124 – 1.3169

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