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USD bulls run again?

Posted on: March 29, 2017

USD has been on its back foot since the beginning of March but it regained its footing yesterday outperforming across the board helped by US 10 Year yield breaking the 2.40 resistance. The catalyst being House Speaker Paul Ryan announcing that the Republicans will continue to work on an Obamacare replacement. This gives the market hope that the Tax reform is still on the table.

UK’s PM Theresa May finally signed Article 50, beginning UK’s official departure from the European Union. GBPUSD lost more than 200 pip in the last 2 days with many uncertainties still looming over Brexit. On the forefront is the concern of Scotland leaving the United Kingdom. Expect whippy price action for the next few months as more Brexit details come out.

Crude Inventory today at 10:30 EST may provide a spark to the USDCAD to break its recent 1.3265/3415 range. BOC Gov. Poloz tried to talk the CAD down again yesterday saying that hiking too soon could cause a recession. Right now, the market is pricing in 29% of a hike by BOC for the rest of the 2017. Until I see evidence contrary to the monetary divergence, I still like USDCAD higher but prefer to wait for the 1.3265/3300 area to target the 1.3600 level.

  • Previous Day’s NA Range 1.3355- 1.3401
  • Asia overnight range 1.3374 – 1.3401
  • London overnight range 1.3356 - 1.3380


Most Recent Market Updates

November 20, 2017

Natural gas gains 4.4 cents

NYMEX natural gas climbed 4.4 cents higher on Friday.

November 20, 2017

Crude gained $1.41

Crude prompt futures gained $1.41 on Friday to close the day at $56.55.

November 17, 2017

Natural gas falls 2.7 cents

NYMEX natural gas continued it’s decent on Thursday.

November 17, 2017

Crude prices slide $0.19

Crude prompt futures traded in a 69 cent range.

November 17, 2017

USDCAD range bound as Canadian CPI uneventful

Domestically we saw the biggest release of the week a few minutes ago.

November 14, 2017

Natural gas loses 5 cents

Cold weather emerged over the long weekend in the US Midwest to East as anticipated.


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