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CAD strengthens as crude enjoys strong gains

Posted on: November 16, 2016

After experiencing a bit of trend exhaustion, CAD strengthened against the USD as UST yields retreated after enjoying a nice run-up post Trump victory. Crude also had a strong day yesterday, putting downward pressure on the USD while propping up commodity currencies.

Overnight USDCAD tested the pivot level of 1.3430, but bounced off the level back toward the 1.35s assisted by a crude pullback. AUDUSD had broken through the 200-day moving average from above which should form a new channel. Japanese Bonds have poked their head back into positive yield territory, with the market betting that the BoJ won’t let that last for long. This morning Canadian Manufacturing Sales came in better than expected while US PPI came in softer.

Happy trading!

  • Yesterday’s NA Range 1.3444 – 1.3546
  • Asia Overnight Range 1.3423 – 1.3466
  • London Overnight Range 1.3439 – 1.3506

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