USDCAD OUTLOOK- BEARISH BIAS FOR WEEK AHEAD- July 15-19/13
RECAP: The USDCAD started last week with a bid tone as the US dollar traded up against the majors. Traders were content in their views that tapering would start in September and that US rates would rise some time in 2014. The release of the June FOMC minutes and a Bernanke speech on Wednesday initially confused players and then in a sudden burst of clarity, they started selling US dollars to beat the band. Bernanke essentially reiterated that tapering wasn’t tightening and nearly all the post FOMC dollar gains were erased.
THE WEEK AHEAD: Thisweek is likely to start off slowly. Despite important, Chinese data in the early Asian session, a Japanese National holiday will likely dampen trading enthusiasm. To see the rest click below