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Currency: Tuesday, March 8

Posted on: March 08, 2016

Yesterday, the bulls took over as risk sentiment continued its joyous mood in the past week. Iron ore prices had the biggest one-day rise on record and Brent crude traded over $40/bbl. CAD got supported in the risk-on environment. It traded at the year to date low of 1.3262 in late session and settled just above there at the close.

Risk sentiment took a hit with China February trade surplus falling from US $63B to US $33B. The data is distorted by the Chinese New Year holiday but never the less it’s a weak report that has give the bears a reason to jump on. WTI tested $38.39 overnight but was not able to hold its gain and it fell back town to the high 36 range.

USDCAD drifted higher overnight in the board risk-off tone but was unable to break through 1.3359 as it bounced back to the low 1.3300. Provided that there is Bank of Canada rate decision tomorrow and ECB rate decision on Thursday. USDCAD is likely to remain in its recent range of 1.3260-1.3470 until BOC decision tomorrow. There’s also FOMC rate decision next Wednesday. With so many central bank on dock in the next few days. I would be cautious and stay on the side line.

  • Previous Day’s NA Range: 1.3262- 1.3377
  • Asia overnight range: 1.3282– 1.3337
  • London overnight range: 1.3310 - 1.3359


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