Loonieviews-April 12, 2012

April 10, 2012
USD/CAD Open 0.9983-88 Overnight Range 0.9953-0.9995

The Canadian dollar had another quiet night as Europe returned from their Easter holidays, fattened on rabbit and confused by events. North Korea is annoying the USA and neighbours with plans for a rocket launch, China posted a trade surplus, Bernanke is seen to be a tad pessimistic over US growth prospects and the US jobless report still casts a pall over trading. Asian equity indices were mixed, European indices were down and NY equity futures pointing higher. Gold is at 41,643.30 and WTI oil is $101.84

The short term USD/CAD technical’s are still neutral while the CAD$ remains within the 0.9900-1.0040 range. For today, the same as yesterday, USD support is at 0.9940, 0.9920 and 0.9895. Resistance is at 0.9995, 1.0020 and 1.0040

The Canadian dollar will remain stuck in its current range as long as overall US dollar trading remains directionless, between European risks and domestic growth issues.

In other news, Mattel has announced a new doll to commemorate Bubba Watson’s Masters win. “Cry-Baby B ubba” comes complete with a green jacket, matching skirt and a jumbo box of Kleenex. Who say’s Augusta doesn’t allow women?

Today’s Range 0.9950-1.0005

Michael O’Neill


Categories Markets

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