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USD retreats after rumors of delays to tax reform

Posted on: November 08, 2017

After running stops above 1.2800 yesterday morning in anticipation of a dovish speech from Stephen Poloz and the Bank of Canada, USDCAD was content to slide lower for the rest of the session and that has continued overnight and this morning. The Governor presented a case that the BoC mostly understands inflation in the new economy and came up with several potential reasons that inflation is lagging that are not transitory including technological developments and low wage growth due to capital improvements being cheaper to finance than labour at low interest rates. The market more or less shrugged off the speech, with more concern placed on potential delays to US tax reform which has the USD selling off against most of its G10 counterparts.

On the charts USDCAD continues to remain in the middle of the recent 1.2500 to 1.2900 range. Initial support comes in around 1.2700 at Monday followed by 1.2660/70. This morning Canadian housing data came in above expectations which is helping CAD gain strength. Later this morning we have crude inventory numbers.

Around the G10, GBP is the underperformer as recent Brexit headlines continue to be bearish for the economy as May struggles to get the Tory house in order. JPY will be another one to keep an eye on as Trump lands in China and looks for China to lean on North Korea.

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 1.2761 - 1.2820
  • Asia 1.2754 - 1.2780
  • London 1.2721 - 1.2769

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