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Trump presser underwhelms causing USD to sell off

Posted on: January 12, 2017

Yesterday The Donald staged his first press conference in months, with many hoping he would lose the theatrics and focus on fiscal policy specifics as well as other policies under his regime such as repealing Obamacare. This hope caused the USD to be bid aggressively ahead of the conference, with USDCAD approaching 1.3300. However, the presser was almost immediately hijacked with discussions of hacking and how Trump plans to still run his businesses while running the country. This sparked USD selling against just about every cross, with USDCAD touching a low of 1.3120 after a knee-jerk move higher when he mentioned trade deals and the wall.

Overnight, the selling has continued, with USDCAD breaking below the 200-day moving average with the next major level to watch out for being the double bottom at 1.3000 from September/October. Today features plenty of Central Bank speakers including Janet Yellen. If the hawkish tone remains we could see a quick retracement back above the 200-day moving average (1.3097), with eyes now shifting to Trump’s inauguration address on the 20th.

  • Yesterday’s NA Range 1.3120– 1.3294
  • Asia Overnight Range 1.3113 – 1.3185
  • London Overnight Range 1.3030– 1.3120

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