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Canadian dollar outperforms overnight

Posted on: January 04, 2017

Despite a nosedive in WTI yesterday, CAD managed to hold its ground as the New York USDCAD close printed at 1.3427, comfortably above the 50-day moving average of 1.3401. This changed rapidly overnight, as a position squeeze has seen stops run all the way down towards 1.3300, which is acting as support for now. US Dollar selling against the crosses has also dragged the USD down, with JPY gaining ground after USDJPY failed to break above 118.60 yesterday.

Today we have the US Fed minutes, with the market looking for a hawkish tone after they increased the dot plot to three interest rate hikes for 2017. If the minutes are more dovish than expected, look for USDDCAD to potentially break through 1.3300 towards 1.3280, the next Fibonacci level. As mentioned yesterday, lots of data on the horizon the remainder of the week so we could see some choppy moves with liquidity still a little thin.

  • Yesterday’s NA Range 1.3399– 1.3459
  • Asia Overnight Range 1.3418 – 1.3457


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