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Canadian dollar update – Wednesday August 26, 2020. FX Activity Disappears - Jackson Hole

FX & market recap:

Narrow ranges and a lack of motivation to get involved succinctly describe FX markets overnight.
It wasn’t much better elsewhere. The major equity indexes closed with losses, European bourses are marginally higher, and S&P futures are flat. Crude prices inched higher, Gold prices drifted lower, and US Treasury yields posted small gains. All the price action occurred within the confines of recent ranges.

Tensions in the Eastern Mediterranean Sea ratcheted higher when France joined military exercises with Italy, Greece, and Cyprus, in a show of force directed at Turkey.

Canadian dollar highlights:

USD/CAD drifted lower alongside broad US dollar selling pressure and bearish short term technicals. Steady WTI oil prices above $43.00/ barrel, are also providing a modicum of support.

Bank of Canada Senior Deputy Governor Carolyn Wilkins headlines a BoC workshop on Monetary policy. Her speech is titled “Towards the 2021 Renewal of the Bank of Canada’s Monetary Policy Framework.”

Euro highlights:

EUR/USD traded lower in a narrow range falling from 1.1838-1.1802. A 4.3% rise in US Durable Goods data won’t be a factor, as Fed Chair Jerome Powell’s speech on Thursday has traders in “wait and see” mode. EUR/USD sentiment is bullish, but the market is already long.

British pound highlights:

GBP/USD drifted in a 1.3127-1.3164 range underpinned by sales of EUR/GBP. Prices have a bullish bias while trading above 1.3060.

Asia Pacific highlights:

USD/JPY, AUD/USD and NZD/USD traded quietly, alongside the other majors. New Zealand Trade data and Australia Construction work data were not factors.

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