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CAD chops around as WTI retraces

Posted on: December 06, 2016

Yesterday saw CAD strengthen again, setting a new recent low of 1.3236 as oil enjoyed gains early in the session. The rally faded as support kicked in, with USDCAD finishing around 1.3271. EUR was the big mover, with EURUSD seeing almost a 300-pt range.

Overnight the AUD Central Bank left rates unchanged at 1.5%. USD weakness continued as the DXY broke through support at 100.65. It is currently in limbo, as WTI is selling off currently which is giving some relief to the USD especially against commodity currencies. This morning the Canadian trade deficit narrowed on the back of higher oil prices and fewer imports while the US trade deficit widened. Tomorrow we hear from the Bank of Canada, but the marquee event of the week will likely be the ECB announcement on Thursday as the market looks for any signs of tapering.

  • Yesterday’s NA Range 1.3236– 1.3308
  • Asia Overnight Range 1.3252 – 1.3285
  • London Overnight Range 1.3253– 1.3283


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