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ECB announces asset purchases through end of 2017

Posted on: December 08, 2016

Yesterday saw CAD dollar strengthen against the US, as a fairly uneventful decision by the Bank of Canada had the market take the path of least resistance and send USDCAD lower. For now the BoC seems content that higher oil prices and weaker currency are offsetting the risk of higher yields.

This morning this big mover is EUR, with the ECB announcing asset purchases of 60B to continue through the end of 2017, a reduction of 20B from current purchases. This has EUR selling, breaking back below 1.07 at the time of writing. Draghi stated that the risks are still tilted to the downside, with QE running until inflation is consistent with ECBs goal. On the data front, US Jobless Claims fell 10,000 but still came in slightly higher than expectations while Canadian Housing Starts missed expectations.

I still like adding to USDCAD longs on dips to 1.3200 and 1.3150, as oil struggles to keep its head above $50.

Happy Trading!

  • Yesterday’s NA Range 1.3223– 1.3297
  • Asia Overnight Range 1.3209 – 1.3236
  • London Overnight Range 1.3200– 1.3239

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