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USD gains strength as yields gain ground

Posted on: October 24, 2017

The USD strengthened against most of the crosses to start the week and CAD was no exception. After support held on the 10-year in early September at 2%, US yields have bounced back strong with the promise of meaningful tax reform stoking optimism. The 2-year continues to make new highs while the 10-year peeks above 2.4% again.

USDCAD continues to grind higher after the disappointing Canadian data last week, testing the key 1.2670 resistance earlier in the London session. With USD strength showing little signs of slowing down, the conditions remain for a potential quick squeeze higher to 1.2750 especially if the BoC is dovish. With December still sitting around 40% priced in we await the comments from Poloz and the MPR statement tomorrow. Not much for support given the gappy nature of the move so the BoC is hawkish we could see a quick retracement. Later this afternoon we receive the fall fiscal update from Finance Minister Bill Morneau.

Pretty quiet start to the week across the G10 as participants are reluctant to jump out in front of the risk events to come later in the week. USDJPY continues to test higher as geopolitical concerns take a backseat to strong US yields while the Euro is hanging in ahead of the ECB on Thursday.

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 1.2639 - 1.2660
  • Asia 1.2622 - 1.2653
  • London 1.2639 - 1.2669

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