The Traderszone Network

Chief of Staff

…Now key technical support comes into focus….
The USDCAD has moved lower on the headlines, that Trump is in favor of the Keystone XL (CAD stronger). The move has taken the price down about 50 pips and right to support defined by the 50% retracement, the 200 hour MA and a trend line from the lows.  Those levels come in at 1..3195-02.  There may be some profit taking against the level as risk can be defined and limited. However, if broken, look for additional downside momentum. 

Fed and BOE release surveys
– North American average FX volume fell 1.3% to $881.3B per day in October according to the NY Fed
– The BOE reports that daily FX volumes in London were up 3% y/y to $2.179T in October
The surveys also said GBP trading was up and JPY trading was down, which makes sense given the volatility.

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