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Riksbank extends QE, leaves rates unchanged

Posted on: December 21, 2016

Why are we leading with the news that the Swedish Central Bank, the Riksbank, extended their QE and left rates unchanged? Because that is about the most exciting thing that happened overnight. After finding resistance at 1.3440 yesterday, USDCAD has pulled back, finding support for now around 1.3360 with the next levels to watch at 1.3320. WTI is slightly higher as the market looks toward the EIA Inventory report later this morning.

We have Retail Sales and CPI in Canada tomorrow and GDP on Friday which could create some noise as liquidity thins. In the US we have the Existing Home Sales number this morning, with GDP and Durable Goods tomorrow. I still like adding to longs on dips, as it feels like CAD can gain a bit of strength here, while watching the 200h moving average around 1.3260.

Happy Trading!

  • Yesterday’s NA Range 1.3360– 1.3418
  • Asia Overnight Range 1.3358 – 1.3383
  • London Overnight Range 1.3362– 1.3389

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