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USD weakens against G10 currencies

Posted on: October 10, 2017

Hopefully everyone enjoyed their Thanksgiving long weekend! The Canadian dollar did not have the day off yesterday and has gained some strength overnight on the back of broad USD weakness across the G10 currencies, taking a quick peek below 1.2500. After strong selling held USDCAD under 1.2600 we remain in a 1.2420 – 1.2600 range for the moment awaiting a catalyst for a breakout. For those clients that would have liked to take advantage of a stronger USD yesterday and have not yet been set up on ATB’s Online FX Portal please contact the sales desk.

Looking ahead to the rest of the week, despite the lack of data in Canada it will still be a busy week with plenty of potential headline risk. Trudeau and his coalition are scheduled to meet with the Trump and team this week to discuss trade and international security, while Bank of Canada deputy governor Wilkins speaks on two separate panels. On Friday we get US CPI which participants will keep an eye on to see if it impacts the Fed in any way. A December hike is >75% priced in so it would take a run of disappointing data to dissuade them. Across the pond, Catalonia continues to be a thorn in the side of Spain with the President due to address Parliament later today while rumours of Teresa May moving to consolidate power in the UK with another cabinet shuffle have GBP gaining ground this morning.

  • Yesterday's NA 1.2534 - 1.2559
  • Asia 1.2510 - 1.2555
  • London 1.2493 - 1.2528

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