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USD weakens as crude hangs in

Posted on: February 09, 2017

This week seems to be moving at a pace just slightly faster than Trump’s cabinet confirmations, as we continue to be range bound looking for catalysts in either direction. Yesterday proved to be fairly uneventful, with USDCAD continuing to grind away between 1.3100 and 1.3200.

Overnight, the USD is softer against many crosses. Crude is up despite a close to record inventory build, as the market was pleasantly surprised with a decline in gasoline stocks, which is helping CAD against the USD. For those watching USDCAD, technical continue to dominate the trade with little news to go on this week. The market is grinding lower, with the next level to watch for coming in at 1.3085. A clear break below this support should see another run at the 1.3000 level, with topside resistance remaining strong above 1.3200. If your bias is for USD strength it may be prudent to sell some USD ahead of that resistance. If you need to purchase USD it is probably a good idea to place some protection above 1.3240 while continuing to look for better levels as we probe lower.

Later today we will hear from the Banxico de Mexico, with a high probability that they will raise rates to help out the Peso. On the data front, this morning US Jobless claims came in lower than expected. Tomorrow we have Canadian employment numbers to finish out the week.

  • Yesterday’s NA Range 1.3135 – 1.3177
  • Asia Overnight Range 1.3140 – 1.3168
  • London Overnight Range 1.3106 – 1.3151

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