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CAD takes a breath ahead of CPI/Retail sales on Friday

Posted on: October 19, 2017

After gaining ground yesterday, the overnight session represented a bit of a snooze fest for the Loonie as support around 1.2460 held but did not generate enough buying interest to cause a bounce in USDCAD. We are still grinding away in the 1.2430 – 1.2600 range and my guess is with no Canadian data and little US data of interest we will likely remain comfortably in the range ahead of Canadian CPI and Retail Sales tomorrow. Predictions for both CPI and Retail Sales are for an increase over the previous month, we will see if the strong economic data we have seen recently translates into the inflation the Bank of Canada promises is coming. If we get a strong print 1.2430/40 is the first level on the downside and if the print misses we could see another run at 1.2600.

Around the G10 the biggest loser was New Zealand, as the NZD tumbled after the First Party and the Labour Party announced a coalition to supersede the National Party. Labour governments are typically not supportive to currency strength, so we will see if this move has more room to run. The GBP is also selling off as UK Retail Sales missed expectations. Finally, JPY and CHF saw some gains as equities sold off in a risk off move on the 30th anniversary of the 1987 crash.

For those of you that would like to have the ability to execute your FX needs after hours in the overnight sessions or would simply prefer to execute electronically and have not yet been introduced to our ATB FX Online Platform please contact the sales desk and someone will be happy to set you up with access.

  • Yesterday's NA 1.2458 - 1.2532
  • Asia 1.2452 - 1.2477
  • London 1.2451 - 1.2487

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