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USDCAD mixed ahead of strong data week

Posted on: August 14, 2017

North Korea took a backseat to American domestic concerns over the weekend, allowing the USD to regain some of last weeks losses against its G10 counterparts. JPY is selling off a bit against the crosses as the risk-off trade subsides for now, despite GDP smashing expectations, where Q2 GDP has grown the fastest in more than two years.

For those looking for a new pain trade, positioning gives some interesting clues as CAD longs have risen to their highest levels since January 2013, just months after being at record short levels. Euro longs are also rapidly expanding, hitting their highest levels since 2011 as money looks for new targets as the Trump trade wobbles.

Looking ahead to the rest of the week, the big event on the calendar is Canadian CPI on Friday. We also have the kickoff to NAFTA negotiations on Wednesday in what will be the first real look at the new US stance on trade. In the US we had dismal CPI figures last week, and look to Retail Sales tomorrow to provide an indication on what GDP will look like. The market will also be looking at the Fed minutes on Wednesday for any indication on next steps. Geopolitical risk will likely be constant through the end of the month as the US and South Korea will conduct their annual joint military exercise on August 21.

  • Friday's NA 1.2653 - 1.2720
  • Asia 1.2670 - 1.2691
  • London 1.2677 - 1.2717


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