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17 Jan 2025

CAD drifts back to the 1.44 – Scotiabank

The Canadian Dollar (CAD) has drifted steadily lower since testing the 1.43 area mid-week. The USD is still trading slightly lower on the week, however, adding to last week’s small net loss despite obvious risks to the CAD, Scotiabank's Chief FX Strategist Shaun Osborne notes.

Spot is back to pivoting around the 1.44 point

"BoC DG Gravelle confirmed that the central bank would end its QT program by the middle of the year, in line with previous guidance and revert to “normal course” asset purchases slowly and well before September."

"In other remarks, Gravelle commented that US/Canada trade tensions risked having a 'big, negative' impact on the Canadian economy via higher inflation and slower growth. He said the BoC will detail more of its analysis on the impact of tariffs with the January 29th policy decision."

"Spot is back to pivoting around the 1.44 point. Short-term patterns lean somewhat bullish after the rejection of the 1.43 zone earlier this week but Monday’s bearish close for the USD and signals suggesting USD gains have stalled (if only temporarily) on the weekly chart should bolster USD resistance around the 1.4465 area. Support is 1.4280/00."

Jan 17, 2025

Large US natural gas storage decline – ING

Oil prices traded weaker yesterday with ICE Brent falling back below US$82/bbl. From a technical point of view, the market is in overbought territory and so overdue a correction.
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Jan 17, 2025

US gas storage falls by 258Bcf – ING

EIA weekly gas storage data shows that US gas storage fell by 258Bcf last week, which is the third largest weekly decline since early 2022, ING's commodity analysts Warren Patterson and Ewa Manthey note.
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