Wait a minute…four hours ago they could not get enough CAD. Now they are kicking it to the curb. Same story for AUD, which is making fresh session lows just hours after making new trend high at 1.0855 just hours … Continue reading
AUD/USD up to 1.0711 now as it chews through offers seen up to 1.0715. More sellers up at 1.0745/55. Similar breakdown in USD/CAD. The February high of 1.0052 held wonderfully in Europe and now it’s turning aggressively lower as sentiment picks up.
Core Jan CPI +0.2% (from -0.5% Dec), +2.1% y/y sa Jan CPI +0.5% (from -0.2% in Dec) USD/CAD dips around 1o pips on the stronger release to 0.9950
Not much reaction to this as market listens to the Draghi press conference. USD/CAD steady in the low 0.9950′s. Tech resistance seen up at the 200 day MA at 0.9971, and offers above at 0.9980/90. Bids are down at 0.9935/40
A close today below the 200-day at 0.9963 would be the final confirmation of the breakout from the wedge that started in November. Perhaps it’s especially impressive that it broke even after a disappointing Canadian jobs report.
Against forecast of 7.5% Jan employment +2.3k, full time -3.6k, part time +5.9k. Forecast 23.1K Good sector +9.3k, services -7k USD/CAD spikes up to 1.0027 from 1.0003 on the weaker data release