April 5, 2012
|USD/CAD Open 0.9978-83 Overnight Range 0.9955-9995
The Canadian dollar traded sideways in Asian and retreated further during the European session. Soft Asian and European equity indices, a weak French debt auction, gloomy remarks from the EU President Draghi and uncertainty ahead of tomorrow’s US employment report all combined to keep risk sentiment negative. Stats Canada has adjusted their data release times to 8:30am, beginning today so that’s when Canadian employment data will be released (forecast +10.5, Unemployment rate unchanged at 7.4%) Canada Ivey PMI (65.5) US data releases include Jobless Claims (forecast +355k ) WTI Oil is at $101.81 and gold is $1,623.90
The short term USD/CAD technicals are bullish while trading above 0.9955 targeting 1.0050 on a break of 1.0005. For today, USD support is at 0.9955 and 0.9920. USD Resistance is at 1.0005, 1.0020 and 1.0050
The Canadian dollar is extra vulnerable today on weak employment data in what appears to be a nervous risk-off environment exacerbated by Easter holiday thinned trading. Buy Canada /sell US dollars on any weakness between 1.0040-1.0080. Stop above 1.0110
In other news, Van Gogh vodka has introduced a new Peanut butter and Jam flavor vodka. Now college kids can re-eat their lunch as they throw up at parties.
Today’s Range 0..9950-1.0040