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CAD appreciates as Trump continues parade of executive orders

Posted on: January 25, 2017

The Canadian dollar enjoyed gains yesterday, as broad USD weakness was compounded by Trump signing an executive order to approve the Keystone XL Pipeline. USDCAD dropped through numerous support levels after touching a high of 1.3300 overnight.

Around the globe, Australian CPI came in below expectations which caused AUD to sell off. Overnight USDCAD continues to test lower, with a break of 1.3100 opening up for another test around 1.3000/50. I like adding longs down there, however a break below 1.3000 could open up a quick decline to a 1.28 handle. On the data front, the EIA crude report was bearish while the Mortgage Applications came in at 4%.

  • Yesterday’s NA Range 1.3106 – 1.3294
  • Asia Overnight Range 1.3122 – 1.3165
  • London Overnight Range 1.3083 – 1.3160

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