March 30, 2012
|USD/CAD Open 0.9965-70 Overnight Range 0.9955-9980
The Canadian dollar dipsy doodled in a choppy, month end, quarter end (and Japanese year end) trading session. Asia activity centered around JPY flows while the European session saw a more optimistic outlook on news that the EU Financial Ministers were very close to signing off on a trillion dollar default defence fund. Asian equity indices were down on the session however European equity indices all rose. NY equity futures are higher as well. WTI oil is at $103.45 and Gold is at $1, 665.70 US data releases include: US Personal Income (Feb. forecast +0.4%) Personal Spending (Feb Forecast +0.6%) US PCE deflator (Feb Forecast 0.3%, MoM) Chicago PMI (Forecast 63.0) Canada releases GDP (Forecast 1.7%, YoY; 0.1%, MoM)
The short term USD/CAD technicals are neutral while the currency pair bounces between 0.9880 and 1.0050. For today, USD support is at 0.9940, 0.9910 and 0.9880. Resistance is at 0.9980, 1.0010 and 1.0040
The Canadian dollar may grind higher toward 0.9880 today on a tepid shift back into risk seeking following the European Finance Ministers agreement on the bail-out fund, especially if US data provides support to the US recovery story.
In other news, a report that a crash spilled loonies all over a Northern Ontario highway had reporters scrambling to write obituaries for the Federal NDP party. Alas, it turned out to be a Brinks truck that had crashed dumping coins all over road.
Today’s Range 0.9880-9980