Commodity tied FX improves, USDCAD fresh......>

FOREX: Commodity tied FX improves, USDCAD fresh ytd lows

- The latest round of dovish rhetoric from Fed Kashkari & Brainard saw the

dollar lose ground overnight, with the downtrend spilling over into Europe.

- Commodity tied FX sits top of G10, registering solid gains across the board.

USDCAD extended the downtrend to fresh ytd lows of C$1.3018 with bears focusing

on a break of the psychological C$1.30 level. Traders note CFTC positioning data

showed a net long position in the CAD, for the first time since March of last

year in the most recent week, which could counter further gains.

- Real money demand underpinned AUDUSD with a move back through $0.70. The

100-dma & cloud top provide near-term resistance at $0.7023/26.

- NZDUSD improved to $0.6992, before fading. Bulls look for a weekly close above

the 100-dma to improve the outlook and challenge the $0.67 level & 200-dma.

- GBPUSD failed to react on BoE Vlieghe remarks that said a smooth Brexit may

see a 1% rate in 12-months,  1.75% in 3-Years. GBPUSD sits just off yesterday's

recovery highs with a break of the trendline at 1.2572 required to change the

short-term outlook. US PPI the only data release in the US today.