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Messy politics in France continue to hamstring Euro

Posted on: February 17, 2017

After briefly breaking below 1.3020 in USDCAD on Thursday morning, USDCAD found strong buyers as the support band ahead of the figure held strong. Ranges remain tight as the market waits for something to provide conviction one way or the other. Data was light yesterday, the main story was the press conference President Trump held to announce his new pick for Labor Secretary, although it was quickly sidetracked by an airing of grievances toward the media that would make Frank Costanza proud.

Overnight, more news out of France as rumors of the far-left candidates Melenchon and Hamon joining forces to pit the extreme left against the extreme right of Marine Le Pen, causing EURUSD to sell off in addition to European equities. Poor data out of the UK dragged down the pound, with the USD stronger against all the G10 currencies with the exception of the JPY as the markets are in risk-off mode over the French news.

For those watching USDCAD, this morning we are stalling ahead of 1.3100. Without any catalyst for a break higher or lower the technicals continue to dominate the trade. Top side resistance is strengthening around 1.3140/50 so if you have USD to sell in the near term it may be prudent to sell some in front of that. If you have USD to buy, continue to enjoy tests lower while adding some protection through stop-losses or USDCAD collars.

  • Yesterday’s NA Range 1.3010 – 1.3080
  • Asia Overnight Range 1.3060 – 1.3087
  • London Overnight Range 1.3070 – 1.3099

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