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CAD weakens heading into Christmas weekend

Posted on: December 23, 2016

For those of you that have the misfortune of being in the office today, I have decided to further punish you by issuing an FX commentary. There is a silver lining though, as this is the last time you will have to read my work until next year!

CAD continues to weaken against the USD this morning, after a miss in Canadian CPI yesterday sent the Loonie sliding. US Durable Goods orders beat expectations, while US Q3 GDP was revised upwards. Canadian October GDP and US New Home Sales come out later this morning, and then we should be on cruise control the rest of the day as most participants shut down early. As always, light liquidity means you could see some choppy moves in either direction, and I look to reload long positions if we drop back to 1.3450.

Thank you for your readership this year, I hope you get to enjoy a holiday break with family and friends. Merry Christmas, happy holidays and a happy New Year!

  • Yesterday’s NA Range 1.3462– 1.3519
  • Asia Overnight Range 1.3480 – 1.3501
  • London Overnight Range 1.3484– 1.3519

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