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USDCAD range bound on light volume

Posted on: November 10, 2017

USDCAD slid most of the session yesterday as the details released by regarding US tax reform from the Senate’s markup disappointed the market. While not a surprise, the fact that they confirmed a corporate tax cut would be delayed to 2019 was not what the business community wanted to hear. We are sitting just above a big level as I write this, with 1.2660/70 major support. Without any data on the docket today, watch rate spreads and oil. Two year spreads between Canada and the US narrowed a bit as US yields retraced on the tax reform news while WTI continues to grind above $57. There should be resistance around 1.2750 as participants look to fade rallies ahead of CPI numbers for both countries next week. Expect light volumes today ahead of the Canadian long weekend.

Across the G10 we are seeing tight ranges in most pairs overnight and to start the morning. GBP is a bit of an exception as the currency continues to get whipped around by Brexit headlines, currently the best performer of the group. USDJPY tumbled on disappointing tax reform details but not enough to break through the recent 113-114.50 range.

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