Here we are trading a failure to break and clear 1.35 followed by a strong rebound. The upside is starting to look limited as the underlying flows favour bears as we enter value areas for those buying CAD retracements.
On the Macro side, Poloz has emphasised the downside risks whilst remaining upbeat on the economy. He carries a belief that the slowdown is temporary and rates are still more likely to go up than down. Interestingly Cnadian short rates are still pricing in rate cuts from the BoC which looks highly unlikely. On the Fed side, inflation remains low and I expect this theme throughout 2019 which will keep Fed firmly on hold.
Best of luck those trading the flows here.
On the Macro side, Poloz has emphasised the downside risks whilst remaining upbeat on the economy. He carries a belief that the slowdown is temporary and rates are still more likely to go up than down. Interestingly Cnadian short rates are still pricing in rate cuts from the BoC which looks highly unlikely. On the Fed side, inflation remains low and I expect this theme throughout 2019 which will keep Fed firmly on hold.
Best of luck those trading the flows here.
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A quick chart update here for the close...
