Daily Commentary & Market Insights, Nov.13, 2019

Good morning,

The US/China trade deal remains uncertain after President Trump mentioned a trade deal was close but still threatened more tariffs if a deal isn’t closed. Markets responded cautiously with USD gaining slightly vs a basket of major currencies ahead of US inflation CPI data. The US inflation data missed the 2.4% estimate reporting 2.3% leading USD to trend lower after the initial release from an Oct 11 high against CAD. We look to FED Chair Powell’s speech on capitol hill today for further direction. Tomorrow we look to BoC Governor Poloz’ speech for any forward guidance on Canada’s interest rates tomorrow. Resistance is looking to test 1.3277 – 200 day moving average level with support at 1.3188.