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USD bulls return to the bandwagon

Posted on: February 07, 2017

Yesterday proved to be fairly uneventful, with risk-off sentiment permeating the market. USDCAD broke above 1.3100 briefly before closing around 1.3084. USDJPY did a brief tour under 112 as the market looks towards meetings between Trump and Abe to address Japan’s “so-called” currency manipulation at the end of the week.

Around the globe, the RBA left rates unchanged while expecting a continued pickup in inflation, causing AUD to gain strength before giving it all back against broad USD strength. China’s FX reserves fell for the 7th straight month, dropping below $3 trillion for the first time in 6 years.

For those watching USDCAD, overnight we broke through 1.3200 briefly to run some stops before retreating back to the 1.31s. The trend off December highs is placing some resistance around 1.3230/40, we would need to see a significant push to get through that. If your bias is for USD strength it may be prudent to sell some USD ahead of that resistance. If you need to purchase USD it is probably a good idea to place some protection above 1.3240 while continuing to look for better levels. On the data front, this morning the US trade deficit narrowed slightly while the Canadian trade balance was significantly higher than expected, including a strong revision to the previous print. One thing of significance for Alberta was a 16% increase in energy exports due to higher prices.

  • Yesterday’s NA Range 1.3043 – 1.3135
  • Asia Overnight Range 1.3075 – 1.3149
  • London Overnight Range 1.3143 – 1.3212


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