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USD gains strength to start the week

Posted on: February 06, 2017

A slow start to the week, with participants nursing their Super Bowl hangovers. The USD has gained strength against most of the G10 currencies with USDJPY the outlier as the market is in risk-off mode this morning.

Around the globe, the French Election continues to get more interesting for those watching the Euro. Right-wing candidate Marine Le Pen continues to gain ground with her anti-immigration and anti-EU rhetoric, which is great news if you long for the return of the Franc for some reason. Tomorrow the RBA has its rate decision and later in the week we hear from the Banco de Mexico, so AUD and MXN could see some action.

For those watching USDCAD, we broke through 1.3000 a couple of times last week, but have yet to do so convincingly. If we do, I still believe we see a 1.28 handle very quickly, however until then the base continues to gain strength. Today I like adding longs around 1.3010/20 and selling ahead of initial resistance which sits around 1.3100. Looking ahead, the week is fairly light for data with the exception of Trade Balances tomorrow and Canadian Nonfarm Payrolls on Friday.

  • Friday’s NA Range 1.2993 – 1.3076
  • Asia Overnight Range 1.3011 – 1.3036
  • London Overnight Range 1.3007 – 1.3086

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