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Dovish rate hike?

Posted on: December 14, 2016

Overnight action was muted as we gets closer to the FOMC rate decision at 12pm MST today. The market is fully priced in for a 25bp hike so the action will be driven by Yellen’s press conference that starts at 12:30 MST. The action will be driven by any comments regarding the velocity of future rate hike. With the market fully pricing in a hike, we could see a USD retracement even if we see a hike if the Fed slows down the pace of the hike for 2017.

My plan is to sit on the sideline until the meeting and if the USDCAD retrace back to the 1.3000/50 area, that could be an attractive place to get long for a target of 1.3600 in the new year.

Good luck trading!

  • Previous Day’s NA Range 1.3103 - 1.3136
  • Asia overnight range 1.3129 – 1.3142
  • London overnight range 1.3093 - 1.3124

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