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USD weaker across the board as Trump suggest USD too strong

Posted on: January 17, 2017

After a quiet North American session yesterday due to MLK Day in the United States, the overnight session certainly brought more action. It started with a WSJ article in which Trump suggested the USD was too strong, causing the USD to weaken against most currencies. Additional comments about the House GOP Border Tax Plan being too complicated also sparked USD selling. Earlier this morning we also had the speech from Teresa May, which saw GBPUSD rally from lows of below 1.20 to back above 1.23 as May stressed a comprehensive free trade agreement as opposed to a single market. USDCAD has once again blown through the 200-day moving average before finding support just above 1.3000.

Tomorrow we have US CPI numbers as well as a speech from Yellen. The next level to look for in USDCAD on the way down is the double bottom around 1.3000/10, if we break through that we could see a 1.28 handle quite quickly, while resistance forms around the 1.3170 level.

  • Yesterday’s NA Range 1.3139– 1.3188
  • Asia Overnight Range 1.3095– 1.3189
  • London Overnight Range 1.3019– 1.3095

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