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CAD takes a breath as market focuses on BoC language

Posted on: December 07, 2016

Yesterday saw USDCAD test higher early, hitting 1.3311 before fading to close the session near where it started. The Canadian trade deficit tightened after its expansion the previous month. EURUSD saw some profit taking while AUDUSD had a quiet session. Overnight the Reserve Bank of India surprised the market and left rates unchanged at 6.25%. In the UK, Industrial Production declined which started a GBPUSD sell-off.

This morning CAD seems content to twist in a 20-point range ahead of the Bank of Canada rate decision. We are not expecting a change in rates, with the focus being on the language in the statement itself. Without a significantly hawkish/dovish statement I still like buying dips toward 1.3230 and selling before resistance around yesterdays high of 1.3310. Tomorrow the ECB meets and then the focus will shift to the Fed next Wednesday, the last big event before the end of the calendar year.

Happy Trading!

  • Yesterday’s NA Range 1.3260– 1.3311
  • Asia Overnight Range 1.3273 – 1.3293
  • London Overnight Range 1.3263– 1.3293


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