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Currency markets quiet ahead of Trump/Trudeau summit

Posted on: February 13, 2017

Over the weekend President Trump hosted Prime Minister Abe from Japan and today he meets with Prime Minister Trudeau. One would imagine NAFTA will be a main topic, with USDCAD reacting to the tone of the discussions. If Trump takes a hardline, we could see the Canadian dollar weaken substantially, while if the tone is friendlier the Canadian dollar could enjoy a bit of a boost.

This morning the action is similar to watching grass grow in December. No North American data today, with the headliners like CPI and Retail Sales not occurring until Wednesday. USDCAD continues to oscillate around 1.3100 as participants wait for the Trump-Trudeau headlines to start rolling in. Key support sits around 1.3050/60. 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 1.3200 while continuing to look for better levels as we probe lower.

  • Friday’s NA Range 1.3063 – 1.3140
  • Asia Overnight Range 1.3080 – 1.3121
  • London Overnight Range 1.3073 – 1.3112

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