The Brexit uncertainty continues as the DUP (Democratic Unionist Party of Northern Ireland) reject Boris Johnson’s border solution/customs solution proposal.

This certainly throws uncertainty into the Brexit machine and halts talks for now, however the DUP are out on the newswires suggesting that they are still talking to the government.

Meanwhile, GBPJPY moves back under 139.00, now trading around 138.70 with a dovish tilt.

GBP/USD on the other hand may be a bigger mover, but until a new headline rolls through the bias is for GBP to slide lower against all FX.

usdcad

 

FX Majors & Gold

Can we look to other key markets with this Brexit uncertainty swirling?

Gold had lifted slightly, but not significantly – now off 1488 and trading around 1491.

Nothing to see there.

Same story across the USDJPY charts as the sticky 108.80 levels persists, however in market movers the AUDUSD jumped up 30-pips earlier today as the Aussie unemployment improved, seeing 5.3% tick back to 5.2% and keeping buyers active.

FX Majors are far too quiet, still reeling from the overbearing risks of Brexit headlines and risk sentiment which is attached.

USDCAD is often a great risk-yardstick for FX majors, so seeing quiet price action around 1.3200reflects the cautious market tones.

I am a BUYER of USDCAD for 2 clean reasons:

  1. Risk off tilt now that Brexit seems unclear.

  2. The USD buyers can likely swoop if the Philly Fed Manufacturing index rebounds in any way.

 

BUY USD/CAD

1.3205

Target: 1.3250 (+45 Pips)

Stop: 1.3165 (-40 Pips)

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