March 13, 2012
USD/CAD Open 0.9918-0.9923 Overnight Range 0.9895-0.9930
|The Canadian dollar traded in a narrow range as demand for CAD/JPY helped stave off weakness due to the general strength of the US dollar vs the majors.. A higher then expected German ZEW failed to provide much EUR/USD support as the technical picture remains bearish. Global equity indices including NY equity futures are pointing higher ahead of a forecasted rise of 1.1% for US Retail Sales.
The short term USD/CAD technical’s remain bearish while the rate is below 0.9990. USD support is at 0.9880 and 0.9840. Resistance is at 0.9920, 0.9940 and 0.9980
The agreement to fund Greece has lifted the cloud of doom about an immediate collapse of the European financial system but has yet to translate into a stampede of EUR/USD buying. In this environment the CAD$ will continue to slowly grind higher in the context of the existing USD/CAD downtrend channel
And in other news, four Amish youths have been charged with underage drinking after one of their buggy’s crashed into a police car in upstate New York. Several other buggies fled the scene, leaving Police to explain why a cruiser with 350 HP, couldn’t catch a rickety old buggy pulled by an old grey mare.
Today’s Forecasted Range 0.9880-9940