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Daily Report

Mar 6th, 2018: Loonie Hits Eight Month Low

Morning Report: 07.00 London

This morning, the Canadian dollar remains under pressure, flirting with eight month lows against the US dollar as NAFTA and tariff fears pile up.

The USD/CAD remains near the highs as the US dollar index recovers, climbing for the second day in a row.

The dollar pairs are mixed, with the AUD/USD and GBP/USD on the back foot. The Aussies is weaker after the RBA opted to keep rates on hold due to a weakening housing market.

By contrast, the EUR/USD is unchanged, with the NZD/USD making sizeable gains.

The yen pairs are generally under pressure, with the AUD/JPY and GBP/JPY the worst performers. The EUR/JPY is down only slightly, but has come some way off the morning’s highs.

Coming up today

FOMC member Dudley speaks at 12.30.

Canadian Ivey PMI is at 15.00.

MPC member Haldane speaks at 18.15.

RBA governor Lowe speaks at 21.35.

At 22.30, we have FOMC member Brainard speaking.

Trade Idea

The EUR/GBP has been on a strong run, but has failed to kick on from here in recent times.

There is a strong probability of a reversion back to the middle of the range of recent patterns hold.

Mar 6th, 2018: Loonie Hits Eight Month Low

A good way to play this is a LOWER trade predicting that the EUR/GBP will close below 0.8900 in 14 days for a potential return of 124%.

Mar 6th, 2018: Loonie Hits Eight Month Low