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Trumpcare vote takes centre stage

Posted on: March 23, 2017

Yesterday the markets were in risk-off mode, with concerns about the ability of Republican leaders to successfully push the ACHA health care bill, affectionately known as Trumpcare, through the House. USDJPY returned to a 110 handle as money was dumped into JPY as a safe haven as equity markets retreated. In other news we received the budget from the Canadian Federal government that can be described as “Stay the Course”, which as always did way too much or way too little depending on your view of each issue.

Overnight strong Retail Sales in the UK smashed expectations, causing GBPUSD to poke its head above 1.2500. The next key level to watch is the 1.2570 level. EURUSD continues to probe around 1.08 with political risk in France declining for the moment. Crude is stabilizing so far this morning but technicals and fundamentals are still not supportive.

For those watching USDCAD, yesterday we saw strong USD buying, continuing the theme from Tuesday afternoon. However, rumours of the ACHA bill not having enough Republican votes to make it through the House generated risk-off sentiment. USDCAD has managed to hold the line at 1.3320 heading into CPI numbers tomorrow morning. The next level to watch is the post Retail Sales low and pivot of 1.3265, a break of this should cause the pair to test the 1.3200 figure. On the topside, while we did see a break above 1.3400 briefly yesterday, we are looking to see a push through 1.3420 to regain momentum to the topside.

  • Yesterday’s NA Range 1.3321 – 1.3404
  • Asia Overnight Range 1.3316– 1.3338
  • London Overnight Range 1.3317 – 1.3355


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