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Daily Report

Nov 21st, 2017: Aussie Slips On Cautious RBA

Morning Report: 07.00 London

The Australian dollar is weaker again this morning after the RBA sounded a note of caution in the release of its latest minutes. The AUD/USD is trickling lower as the AUD/JPY undoes some of yesterday’s losses.

Elsewhere, the euro remains weak after under-performing the pound yesterday. The single currency is under pressure amid talk of Angela Merkel leaving power for the first time in over 12 years. The EUR/GBP is lower, while the EUR/JPY is unchanged after making significant gains yesterday.

The yen pairs have a negative bias after yesterday’s rally which saw the USD/JPY post one of its best days of the month to date.

The dollar index is unchanged after making gains yesterday.

Coming up today

Today we have RBA governor Lowe speaking at 09.05.

UK public sector net borrowing is released at 09.30.

The inflation report hearings are at 10.00.

Canadian wholesale sales are released at 13.30.

US existing home sales follow at 15.00.

US Fed chair Yellen speaks at 23.00.

Trade Idea

The USD/CAD has continued to climb despite oil prices remaining above $60.00. Oil has come off the boil recently, but this still points to an underlying strength in the US dollar are apparent weakness in the Canadian dollar.

Nov 21st, 2017: Aussie Slips On Cautious RBA

With more upside on the cards, a good way to play this is a HIGHER trade predicting that the USD/CAD will close above 1.2850 in 14 days for a potential return of 140%.

Nov 21st, 2017: Aussie Slips On Cautious RBA