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USD weakness continues as risk-on sentiment grows

Posted on: November 22, 2016

USDCAD continues to test lower, breaking through 1.3400 again overnight as markets get more accustomed to a potential production cut from OPEC. At this rate the November 30th OPEC meeting will certainly pose an asymmetrical risk profile, for if they manage to bungle another deal the downside for oil and commodity currencies like CAD is certainly much higher than the upside if they manage to agree.

Yesterday the coast of Japan was hit with a 7.4 Magnitude earthquake, but thankfully there was no major damage. The move sparked some AUD buying, as AUDUSD flirts with 0.74 again. This morning Canadian Retail Sales came in at consensus at 0.6%, but excluding autos missed expectations which has CAD giving back some of its gains.

Happy Trading!

  • Yesterday’s NA Range 1.3387 – 1.3449
  • Asia Overnight Range 1.3396 – 1.3433
  • London Overnight Range 1.3378 – 1.3415

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