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Market in slumber after French election

Posted on: May 10, 2017

With the French election out of the way, the market is consolidating within its recent range looking for the next catalyst for directional bias. The exception is USDJPY as trades higher on the back of higher US treasury yields. WTI is trading higher after a bigger than expected draw, reaching a high of 47.67 from the overnight low of 46.01. This is giving an excuse for CAD bulls as USDCAD is testing the 1.3650 support at the moment.

Overnight, the big Don fires James Comey, the director of FBI, amid the investigation on his Russian links and business dealings. Interesting timing to say the least. Market is not reacting much to the news but definitely has the potential for volatility depending on the result of the investigation.

Market is looking to the Bank of England for their rate decision tomorrow. The expectation is that they will leave the rate unchanged before the June 8 election with the fear of stirring the pot before then. GBP has been resilient, trying to grind through the offers before the all important 1.3000 level.

USDCAD seems to be losing the upside momentum from last week. Technically, the range for USDCAD short term continues to be 1.3640/3790. My bias is higher still unless it closes below 1.3590. Target is 1.4100/4300 area.

  • Previous Day’s NA Range 1.3696 - 1.3753
  • Asia overnight range 1.3702 – 1.3719
  • London overnight range 1.3687 - 1.3733

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