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USDCAD remains on the sideline

Posted on: May 11, 2016

Oil price took a tumble yesterday as WTI fell from an overnight high of 45.94 in Asia to the low 44 range at the open. There was no bid as it continued to fall throughout the session to a low of 43.27 before closing in the low 43. CAD sold off as USDCAD steadily rallied from the 1.2940 area to a high of 1.3015 before supply came in to close at 1.2952.

Japanese finance minister Aso was on the wire talking about the yen again saying that “sudden FX moves are undesirable” and that Japan can intervene to stabilize currencies if needed. More USDJPY short covering took it above 109 for the first time since the end of April.

The North America data calendar is fairly uneventful today with the exception of US wholesale inventories and JOLTS openings. JOLTS job openings surprised to the upside with 5.76M, 300K higher than expectations. Whole sale Inventories came in at expectation at 0.1%.

With not much data out today, I expect the USDCAD to stay in the recent range of 1.2900 – 1.3050 while looking for oil price for guidance.

  • Previous Day’s NA Range: 1.2938 - 1.3015
  • Asia overnight range: 1.2946– 1.2977
  • London overnight range: 1.2918- 1.2980


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