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Overnight session uneventful as RBA leaves rates unchanged

Posted on: October 03, 2017

Very quiet session overnight as the market awaits the latter half of the week which is loaded with potential for volatility. USDCAD was unable to break above 1.2540 overnight as the grind higher continues. Later this morning we hear from Bank of Canada Deputy Governor Sylvain Leduc regarding the concept of increased productivity but limited firm creation.

If the speech and following Q&A are dovish for the economy we might see USDCAD push through resistance, although if WTI breaks back below $50 that might do the trick. The next stop on the charts is just north of 1.2600, while strong support lies around 1.2410/20. I think this range holds until employment numbers in the US and Canada on Friday. Don’t underestimate the pain trade though as USD shorts grow.

Elsewhere, last night the RBA left rates unchanged as expected, but maintained cautious rhetoric about household debt and low inflation were repeated. GBP continues to slide as construction PMI came in below expectations as political uncertainty weighs on risk appetite. No data of note on the calendar today for Canada or the US. US Fed Chair Janet Yellen speaks Wednesday while on Thursday we hear from the ECB regarding their September meeting notes followed by double NFP on Friday!

  • Yesterday's NA 1.2484 - 1.2523
  • Asia 1.2507 - 1.2539
  • London 1.2490 - 1.2530

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