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USD well bid as market ponders March rate hike

Posted on: February 21, 2017

Hopefully everyone enjoyed the long weekend. USD bulls certainly did, as comments from Fed members including Philly Fed President Patrick Harker suggested that a March rate hike is not off the table, currently being priced in at a 38% chance. EURUSD is back below 1.06 while USDJPY has returned to a 113 handle.

Around the world, Marine Le Pen continues to dominate election news in France which has the EUR stumbling this morning, while a nice oil rally is helping commodity currencies against non-USD crosses.

For those watching USDCAD, we have seen a nice little break above the 1.3120 level. We have seen some resistance around 1.3160 ahead of the 1.3190/1.3200 level as the market positons itself for the Fed minutes tomorrow. We will need to see a convincing move above 1.3200 to put the topside of 1.3350/1.3400 back in play, while still watching the strong support band around 1.3000. Tomorrow in addition to the Fed minutes we have Canadian Retail Sales and Existing Home Sales in the US.

  • Friday’s NA Range 1.3072 – 1.3126
  • Asia Overnight Range 1.3100 – 1.3149
  • London Overnight Range 1.3129 – 1.3164


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