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Lack of momentum causes quiet start to week

Posted on: March 07, 2017

Tight ranges were the theme yesterday, with USDCAD content to wander around in a 40-point range for most of the North American session. Non-Farm Payrolls on Friday continue to be the main event of the week, with tight action expected until then unless we see a significant deviation in a secondary data print or some political risk. Banxico executed the first part of its FX hedging program, and MXN improved to the best levels against the USD since Trump was elected.

Overnight, the Australian Central Bank (RBA) left rates unchanged as expected and AUD strengthened against many of the G10 currencies. German Factory Orders came in significantly worse than expected while in the UK housing data also came in lower than expected. And finally, North Korea banned nine Malaysians from leaving North Korea as a result of the death of Kim Jong-un’s half brother, with Malaysia enacting a similar exit ban in retaliation. If you had Malaysia and North Korea in the ‘Hostile Foreign Policy Pool’, call the desk to claim your prize.

For those watching USDCAD, a lack of momentum in either direction has caused a quiet start to the week. The 1.3400 level continues to act as a bit of a magnet, keeping the cross within 30-points of either side for the time being. This morning the Canadian trade balance came in slightly better than expected, however the previous month was revised downward so there was little net impact on USDCAD. Resistance continues to sit around the 1.3450/60 level ahead of the double top around 1.3600, with support forming at 1.3370.

  • Yesterday’s NA Range 1.3378 – 1.3425
  • Asia Overnight Range 1.3384 – 1.3414
  • London Overnight Range 1.3389 – 1.3421

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