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All eyes waiting on the last fed meeting of the year

Posted on: December 13, 2016

All markets are trading range bound as traders wait for the FOMC decision tomorrow. The market is pricing in 100% chance of a hike so a no hike is going to see a lot of downside for the USD. I don’t think that’s going to happen as Yellen has telegraphed the hike for way too long to let her credibility go to ruins(at least not any further).

The USDCAD has been grinding slowly to the downside as more USDCAD long are throwing in the towel with the recent announcement of OPEC and non-OPEC production cuts that has fueled the oil bulls once again. I still think there’s a bit more downside to the 1.3000/50 area as the USDCAD long capitulate and that area would be an attractive level to enter into USDCAD long for a target back to the 1.3589 recent high and look further to 1.40 if that breaks.

Good luck trading!

  • Previous Day’s NA Range 1.3109 - 1.3153
  • Asia overnight range 1.3119 – 1.3140
  • London overnight range 1.3116 - 1.3140

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