Loonieviews April 9, 2012

April 9, 2012
USD/CAD Open 0.9980-85 Overnight Range (including Good Friday) 0.9920-0.9985

The Canadian dollar is back to where it was before Thursday’s surprisingly strong Canadian employment report (+82K vs forecast of 15.5K). A much weaker than expected US jobs report on Friday (+120K vs Forecast of 220K) in an Easter holiday shortened trading session, erased all of the loonie’s gains. The Japanese trade surplus is back in positive territory, giving the JPY a lift and a thaw in the Iranian nuclear negotiations has led to lower WTI oil ($101.75) Collectively, Euroland sovereign debt issues have eased although individual states, (Portugal and Spain) are keeping investors on their toes. Aussie and NZ equity markets were closed for Easter Monday, as are many European bourses.

The short term USD/CAD technicals are neutral while the CAD$ remains within the 0.9900-1.0040 range. For today, USD support is at 0.9940, 0.9920 and 0.9895. Resistance is at 0.9995, 1.0020 and 1.0040

The Canadian dollar may come under further pressure today on the back of lower oil prices in what will likely be a quiet trading day due to a lack of data from either Canada or the US

In other news, a guitarist for a rock band, Torche, startled a bat in a room where he was staying and is now receiving rabies shots after it peed in his eye. Ozzie Osbourne reportedly said “ ya musta bit the wrong head, mate”

Today’s Range 0.9950-1.0005

Michael O’Neill


Categories Markets

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