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USDCAD retraces down on exempting Canada from tariffs

USD retraces slightly overnight on higher EUR. GBP and commodities leading the move despite in effect of DJI -13 but Nasdq +31 and hitting intraday year high at 7644.48. 10 years UST yield steady hold above 2.9% (10 years) and recent US data beating expectation will see more demand for USD on lower side. Market remain pricing for next week FOMC meeting and more talks of “dovish hike” scenario this time.

EUR rebounded further on Italian new Prime Minister neutral speech but mentioning no plan to exit Euro as well as news of next week ECB meeting are live to discuss end of QE effect. Technical holding above 1.1650 still correction risk to 1.18 exists.

GBP follows EUR rebound and better PMI data driven more short covering on GBP in short term, support hold at 1.3310-20 will still seeing risk for correction to 1.3530-50 region.

AUD higher on better than expect Q1 GDP (1% vs cons 0.9%) and USDCAD retraces down after ABC news report that Munchin asked Trump to exempt Canada from steal and aluminium tariffs. Overall USD remain in sideway consolidation and technical driven move ahead of next week FOMC meeting more likely.

Today US MBA Mortgage Application, trade balance, Q1 nonfarm productivity and Q1 Unit labor cost as well as stock/bond market move will direct the intraday action.

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    At Hantec Global Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.