Loonieviews February 24, 2012

February 24, 2012

USD/CAD Open 0.9973-78 Overnight Range 0..9967-.9988

The Canadian dollar barely budged overnight despite rising WTI Oil prices ($108..40/bbl), a return to a risk seeking environment on diminished Euro zone debt concerns and steadily improving US economic data. Asian equity indices were all higher as were the European indices (except Swiss and Spain) Gold is trading at $1,778.42. US data releases today include; Michigan Confidence (forecast 73.0) and New Home Sales (forecast 2.6%, MoM)

The short term USD/CAD technical’s are unchanged from yesterday with the currency pair locked within a 0.9930-1.0030 range> For today, USD support is at 0.9960, 0.9940 and 0.9910. Resistance is at 0.9990, 1.0010 and 1.0030

The Canadian dollar is being pulled in opposite directions. CAD$ demand from rising oil prices and an improving US economic outlook is being offset by profit taking selling of CAD$ against, EUR, JPY, GBP and AUD.

And in other news, a Florida man suffered severe burns and lost teeth when an electric cigarette exploded in his mouth. Apparently the quit smoking aid was successful because without lips and a face swathed in gauze, the unnamed man hasn’t had a smoke in a week.

Today’s Forecasted Range 0..9940-1.0010

Categories Markets

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