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Markets slow down with summer trading kicking in

Posted on: August 15, 2016

Summer trading has kicked in as most currencies are trading close to Friday’s close. Energy price is bid with WTI trading at the high $45 area with speculation about potential produced action to support prices in an oversupplied market.

This week’s focus is on FOMC minutes on Wednesday that could provide a bit of a jolt to the market. There’s also UK jobs, inflation and retail sales as the first patch of post-Brexit UK data. GBPUSD continues to trade heavily as it sits just above the 1.2798 post-Brexit low. There’s been talk of an extension in Article 50 on the UK front which could be beneficial to the GBP although I wouldn’t bet on it.

USDCAD is a bit heavy with the recent upward trend of WTI. With the continued momentum in WTI pricing, I would look to sell rally in USDCAD towards 1.3000 with first target in the 1.2830/50 area with possible extension toward the 1.2679 June swing low. With the lack of catalyst this week, patience is the key to wait out for more advantageous prices.

Good luck trading!

  • Previous Day’s NA Range 1.2925 - 1.2977
  • Asia overnight range 1.2949 – 1.2976
  • London overnight range 1.2915- 1.12951


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