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USDCAD range bound as Canadian CPI uneventful

Posted on: November 17, 2017

Domestically we saw the biggest release of the week a few minutes ago, with Canadian CPI coming in right on the screws at 0.1% for October and 1.4% year-over-year. The core measures were little changed from the previous month as well, which means we are still range trading as USDCAD takes another run at 1.2800.

Expect more selling up here as we run stops. First resistance is just up ahead at the time of writing around 1.2820/40 with support around 1.2710/20. Looking ahead to next week Canadian Retail Sales is the only major release north of the border. Currently the market is still pricing in two hikes for 2018 as the Bank of Canada looks for the US Fed to hike in December.

On the data front, US housing data came in above expectations this morning. The US Tax reform passed in a close House vote yesterday which is a good sign, but as always it will be the Senate that will be tougher to get through as several Republican Senators have already voiced concerns. USDJPY has slid back to a 112 handle with interesting levels around 111.60/80.

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