- November 27, 2018
- Posted by: Joey Benedid
- Category: Market News
It’s all about the FED today with focus on Clarida who is due to speak about data dependence and monetary policy at The Clearing House and Bank Policy Institute’s Annual Conference in New York at 8:30 AM EST. His previous comments were unexpectedly dovish and lead the market to scale back FOMC rate hike prospects for 2019. Expectations are he will not be changing his tone today which could cause volatility as flows remain light ahead of this Friday’s G20 meetings in Buenos Aires. GBP also remains under pressure as May struggles to secure votes for the Dec 11 parliament vote on her Brexit package.
USD/CAD is following general market sentiment and remains within recent ranges. Large hedging interest is being talked about should we approach 1.35 but before then 1.3333 is the .75 cent CAD level and close to where we have a double top at 1.3318. Trend line support is now located at 1.3198 & rising by a very steep 10 points per day.