Loonieviews-February 2,2012

February 2,2012

USD/CAD Open 0.9989-94 Overnight Range 0..9970-1.0001

The Canadian dollar traded in a narrow band overnight deriving a little support from the rising AUD/USD, Better than expected Aussie trade data combined with higher Asian and Australian equity indices kept the Aussie bid. The Greek debt negotiations are on-going and with US payrolls data due tomorrow, traders were content to bash the currencies about within their recent ranges. WTI oil is trading at $96.62/bbl due to an increase in stockpiles and gold is at $1,744.59

The short term CAD$ technical’s are bullish although support at 0.9960 (200 day moving average) is proving sticky. For today, USD support is at 0.9960 and 0.9910. Resistance is at 1.0020 and 1.0060.

The Canadian dollar appears to have a positive bias but I don’t think the current 0.9960-1.0040 range will be broken until after tomorrow’s US and Canadian employment reports.

And in other news, the hockey sports media have upgraded their diagnosis of the Sidney Crosby head injury. Sidney no longer has a concussion but is suffering from a "soft tissue injury" Noted neurosurgeon Dr.Schinklenoggin said a soft tissue head injury occurs after repeated blows to the cranium give the skull the same consistency as Kleenex.

Forecast Range of the Day 0.9960-1.0020

Categories Markets

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