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CAD follows crude as oil headlines push around commodity currencies

Posted on: November 17, 2016

CAD was dragged around by Crude yesterday, as a bearish EIA inventory report caused initial USD strength and CAD weakness was quickly forgotten about after the Russian Oil Minister hit the tapes and proclaimed an OPEC agreement at the end of the month was likely. This sparked CAD buying, causing USDCAD to test 1.3400 before rebounding slightly.

Overnight USDCAD tested the psychological level of 1.3400 again, but support held. UK Retail Sales came in way above expectations causing GBP to strengthen before participants faded the move. This morning USD is strengthening after comments overnight from Harker, Kashkari and Mester suggesting that is appropriate to raise rates now. Yellen also spoke this morning, stating that a rate hike could be appropriate relatively soon, suggesting December is still on the table. A busy day for data, with US Housing Starts coming in above expectations this morning, while Core CPI saw a very slight miss to the downside. US Initial Jobless Claims came in below expectations.

Happy trading!

  • Yesterday’s NA Range 1.3405 – 1.3486
  • Asia Overnight Range 1.3419 – 1.3450
  • London Overnight Range 1.3400 – 1.3443

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