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Currency: Wednesday, March 9

Posted on: March 09, 2016

WTI fell $2.30/bbl yesterday amid weak Chinese trade data sparking concern again over the world’s economy. CAD as a result fell along with it as USDCAD rally from a low of 1.3310 in the morning to a high of 1.3425 just before the close.

Today is first day of an extremely busy schedule of central bank announcements over the next 8 days. We got BOC to kick things off today with its rate decision. Then we have RBNZ, ECB, BoJ, Fed, SNB, Norges Bank, and Bank of England.

As expected the BOC hold the rate at 0.5%, stating that the risks around risk inflation profile as roughly balanced. There was no talking down of the Canadian dollar as some were expecting. CAD has rallied against most currency since the announcement. With still so many central bank announcement ahead, I still prefer to play the recent range of 1.3250/1.3470.

  • Previous Day’s NA Range: 1.3310- 1.3425
  • Asia overnight range: 1.3404– 1.3446
  • London overnight range: 1.3379 - 1.3430


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