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Strong North American data sees USD and CAD strengthen

Posted on: February 15, 2017

Testimony from Janet Yellen turned out to be anything but uneventful yesterday. She stressed that the Fed does not need to wait until fiscal policy kicks in to hike rates, and that a March rate hike has not been ruled out. Was it earth-shattering? No. Had it been discussed before? Yes. Were traders just looking for an excuse to load up on USD again? Maybe. The move was faded throughout the rest of the North American session and overnight.

This morning we have seen a number of strong data prints. In the US, both CPI and Retail Sales came in stronger than expected. In Canada, Manufacturing Sales also rose significantly more than expected. This has both the USD and CAD strengthening against other currencies, while USDCAD continues to jockey around 1.3100. Later this morning we have Industrial Production and the EIA Oil Inventory report.

For those watching USDCAD, if you have USD to sell we should see resistance ahead of the 200-day moving average at 1.3144 and again around 1.3160/70 so may not be a bad idea to sell some ahead of these levels. For those needing to purchase USD, some protection above 1.3200 that allows you to see the benefit of a move lower is something to consider.

  • Yesterday’s NA Range 1.3025 – 1.3107
  • Asia Overnight Range 1.3066 – 1.3096
  • London Overnight Range 1.3065 – 1.3114

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