February 6 ,2012
USD/CAD Open 0.9965-70 Overnight Range 0.9930-0.9980
|The Canadian dollar was unable to extract further gains overnight and slowly retreated throughout the European session. The AUD/USD retreated from its recent highs in part due to slowing retail sales and in part due to expectations of a 25% bp rate cut tomorrow. In Europe, concern surrounding the success of the Greek debt negotiations kept the EUR/USD on the defensive. All this put a damper on European equity indices which all declined. NY equity futures are pointing lower to start the day. Canadian data releases include IVEY purchasing Manager survey. There is nothing from the US.
The short term CAD$ technical’s are bullish and the short term CAD$ uptrend remains intact within a .9915-1.0176 band. For today, USD support is at 0.9940 and 0.9915. Resistance is at 0.9980, 1.0020 and 1.0040.
And in other news, the Super Bowl half-time show was a true spectacle. Grammadonna was led onto the field, appropriately escorted by Centurions, singing tunes that were lousy 40 years ago. Fortunately, fans were distracted the pyrotechnic display which made the audible assault on their ears, bearable. Next year, Perry Como.
Forecast Range of the Day 0..9940-1.0010