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Currency markets take a breather ahead of busy week

Posted on: February 27, 2017

Friday brought us the most action we have seen in USDCAD in a number of sessions, as a strong headline inflation number saw CAD strengthen against the USD. After plummeting to 1.3060, USDCAD found strong buyers as the print appeared a lot stronger on the surface than in the details.

Overnight, politics dominated the news as rumors of a Scottish independence referendum are putting downward pressure on the Pound. Tomorrow Trump gives his speech before Congress, with the market looking for more details on fiscal policies and border taxes. Later this week we also get GDP numbers from Canada and the US and Janet Yellen speaking to finish the week.

For those watching USDCAD, we continue to grind away between 1.3000 and 1.3200. On Wednesday we hear from the Bank of Canada. For those praying for some sort of surprise to knock USDCAD out of the current range, maybe someone will handle Poloz an envelope with the wrong rate decision. Too soon, La La Land fans? We are seeing resistance around 1.3120 and again around 1.3200, while support continues to be strong around 1.3000.

  • Friday’s NA Range 1.3057 – 1.3114
  • Asia Overnight Range 1.3094 – 1.3123
  • London Overnight Range 1.3099 – 1.3123


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