Best Exchange Rates

Total Eclipse of FX Drama

Categories: AUD, CAD, CHF, EUR, Markets, News, USD

Asia opened with Friday’s news that Stephen Bannon, another top White House official, got canned/resigned.  They didn’t seem to care.

Traders didn’t care about a report that a US Navy destroyer collided with an oil tanker in the Strait of Malacca.  And they didn’t care that about the start of South Korea/US war games, either.

USDJPY traded at 108.41 in Asia and edged down to 108.90 in Europe in a subdued session.

AUDUSD and NZDUSD traded quietly in narrow ranges.

FX trading action didn’t improve in Europe, either.  EURUSD traded quietly in a 1.1732-64 range.  Traders are a little wary of ECB President Mario Draghi’s  speech at the  Jackson Hole symposium, which begins Thursday.  Some are concerned that he may reveal the ECB’s plans to taper quantitative easing.

Sterling bounced in a 1.2852-80 range.  News that the Rightmove UK house price index fell 0.9% in August wasn’t much of a factor.  Brexit uncertainties are capping GBPUSD topside move.

Oil prices rocketed higher on Friday, rising from $46.80 to $48.70 and nearly erased the entire week’s losses.  There wasn’t a specific reason for the move, but profit-taking and a decline in the Baker-Hughs rig count contributed to the rally. Prices only inched down marginally overnight

USDCAD managed to keep a large part of Friday’s Canadian CPI fueled gains overnight.  It opened at the low in Asia and gradually inched higher

Today’s FX market action won’t be a whole lot different from the overnight session.  There isn’t any data of note from US and Canada only releases June Wholesale Sales.  That leaves FX traders to look to Wall Street for direction.  They probably won’t find there either judging by the performance of global equity indices, which were mixed.  Today’s focus will be on the Total Solar Eclipse

eclipse

Source: CBC news

Overnight Ranges

21-Aug-17 Open-6 am EDT High Low
USDCAD 1.2601 1.2689 1.2635
EURUSD 1.1737 1.1773 1.1709
USDJPY 109.00 109.56 108.97
GBPUSD 1.2875 1.2916 1.2864
USDCHF 0.9680 0.9629 0.9602
AUDUSD 0.7916 0.7929 0.7871
NZDUSD 0.7310 0.7328 0.7278
USDMXN 17.7200 17.7551 17.7000
WTI   48.47 48.70 48.35

 

USDCAD Technical outlook:

The intraday technicals are bearish while prices are below 1.2630, looking for a break below 1.2550-60 area to extend losses to 1.2415.  A move above 1.2630 will target 1.2750..  For today, USDCAD support is at 1.2550 and 1.2510.  Resistance is 1.2630 and 1.2690.

Today’s Range 1.2550-1.2630

 

Agility Forex Author: Agility Forex

Agility Forex is a Canadian cross-border payment specialist. They are Canadian owned, operated out of Vancouver and are registered with Fintrac, the Canadian government agency that oversees the money transfer industry. They specialize in all things Canadian Dollar and aim to provide the best service and best pricing on all Loonie cross rates. Visit Agility Forex.

You can get in touch with AgilityForex via email here or via the contact page.

Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product. Full Disclaimer

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