April 6, 2012
|USD/CAD Open 0.9985-90 Overnight Range 0.9980-1.0010
The Canadian dollar was an after-thought in FX markets overnight, lurking around par for most of the session prior to breaking minor hourly support at 0.9995 in the European time zone and eking out further tiny gains. Meanwhile, China widened the Yuan trading band to 1% from ½% which had no real impact. In Europe, GBP and CHF rose against the Euro, as did the US dollar on renewed debt concerns out of Spain. Spanish bonds are trading at their highest level since December 1/11 ahead of two and ten year auctions on Thursday. Asian equity markets were down, while European (except Spain) and NY futures rose. WTI oil is $102.83 and gold is $1,650.10. US Retail Sales (forecast 0.3% MoM, ex-auto 0.6%) are out this morning.
The real short term USD/CAD technical’s are neutral while trading between 0.9970-1.0010 A move either side of this range should see an extension of about 40 points. Longer term, the CAD$ is confined between 0.9880 and 1.0025. For today, USD support is at 0.99770 and 0.9940. Resistance is at 1.0010 and 1.0025.
In other news, the NHL has denied a rumor that former goon, Donald Brashear is contemplating suing Sidney Crosby for “tarnishing the memory of his jersey.” Apparently Brashear is incensed that the image of Crosby’s attempt at on-ice fisticuffs yesterday, will forever link number 87 to a “ tutu wearing, sissy-boy slap-fest “ and risk ridicule at NHL old timers games.
Today’s Range 0.9960-1.0020