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GBP trades fresh lows against USD

Posted on: January 10, 2017

A fairly quiet session to kick off the week yesterday, as broad USD weakness remained the key theme on Monday. USDCAD continues to spend most of its time between 1.3200 and 1.3260, as WTI seems to be spinning its wheels. In a move that absolutely nobody could have possibility predicted (is it too early in the morning for sarcasm?), US firms are filling in the “gap” left by OPEC production cuts, which is not helping the supply problem.

Overnight GBP continues to take it on the chin despite positive data prints, as Brexit remains the elephant in the room. This morning nothing much exciting to report as it is a quiet day on the data front ahead of Trump’s speech tomorrow, unless the Turkish Central Bank cutting reserve requirements by 50 bps fires you up.

For USDCAD today, key levels continue to be the uptrend channel support, sitting around 1.3160/1.3170. If this breaks the market could test 1.3100 quite quickly. I look to buy dips below 1.3200 today with stops below 1.3160.

Happy Trading!

  • Yesterday’s NA Range 1.3197– 1.3270
  • Asia Overnight Range 1.3198 – 1.3236
  • London Overnight Range 1.3211– 1.3257

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