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Forex News: Us Dollar 16 June 2017 (46)

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After a rough 2016, a currency prognosticator at a major investment bank says he expects more pain for the Canadian dollar next year, predicting a low of around 65 cents US in the next 12 months. The market has been very well supported since basing out ahead of 1100 in 2016, putting in a series of higher lows and higher highs. This latest break to a fresh 2017 high confirms that next higher low in the 1215 area and opens an upside extension towards the 2016 peak at 1375 further up. At this point, only a break back below 1215 would compromise the constructive outlook with setbacks ideally seen well supported in the 1230s.

I’m not panicked. Just bored with hearing breathless fucktards telling us Russia and/or China are going to back their currency with gold. No, they’re not; not willingly, at any rate. And no, their CBs buying gold is not evidence they’re going to back their currency with gold, either.

Almost overshadowed by the Fed’s rate announcement, the US will release key consumer numbers later on Wednesday. Retail Sales, the key gauge of consumer spending, is expected to drop to 0.1%. On the inflation front, CPI is projected to remain at 0.2%. On Tuesday, PPI dropped to a flat 0.00%, down from 0.5% a month earlier. Will CPI follow suit and lose ground in the May report? If so, the dollar could lose ground against major rivals, such as the euro.

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