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Trump-Comey part deux

Posted on: May 17, 2017

Risk sours amid reports that Trump asked former FBI Director Comey to end the FBI’s investigation into former White House national security advisor Michael Flynn’s connections with Russia. Safe haven flow pushing gold prices up 5 dollars while JPY is the leading outperformer as US Treasury yield collapses. Many analysts are doubting that Trump can push through his key tax reform legislation while fighting all the negative publicity.

Oil lost its upside momentum with risk on its back foot. It dropped to the low 48 handle overnight but has recovered back to 49 in early trading. There’s EIA oil inventory number this morning that will provide additional catalyst but with the risk off sentiment, the downside may be greater than the upside.

USDCAD tried to breach the important 1.3600 support yesterday triggering stops to reach a low of 1.3575. It tried to test it overnight again but held with oil price coming off. No significant economic data today so look for equities and oil price for direction bias. I feel that USDCAD may test the low again as it is lagging behind USDJPY but there will likely be bids in the 1.3580/3600 area.

  • Previous Day’s NA Range 1.3575 - 1.3625
  • Overnight range 1.3579 - 1.3638

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