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CAD strengthens ahead of BOC rate decision

Posted on: October 19, 2016

CAD has strengthened overnight, as oil continues to creep higher and is pulling commodity currencies along for the ride. API reported a large drop in crude inventories, fueling the rally, we will see if the EIA report confirms that later this morning. Chinese GDP came in a 6.7% while UK unemployment remained unchanged at 4.9%.

Wednesday brings a flurry of activity, starting with the BoC rate decision at 8am Mountain. The market is expecting no movement in interest rates, with a dovish tone to the announcement. This morning also has the EIA crude inventory numbers which could add some noise to the trade. Later today we have the Fed Beige Book followed by another US Presidential Debate tonight. The big event this week is still to come though, as the ECB decision is Thursday.

  • Previous Day’s NA Range 1.3055 – 1.3140
  • Asia Overnight Range 1.3083 – 1.3125


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