Loonieviews April 17, 2012


LoonieViews
April 17, 2012
USD/CAD Open 0.9970-75 Overnight Range 0.9970-1.0010

The Canadian dollar had another uneventful night, floating in obscurity in fairly calm FX seas with the US dollar still locked within recent bands against the majors. The EUR has recovered somewhat from its aborted attempt through 1.3000. A more optimistic outlook towards Spanish debt plus a better than expected German ZEW surveys have contributed to the EUR strength. Asian equity indices were lower but European indices and NY equity futures are on the positive side. WTI Oil is at $102.93 and Gold is at $1,653.20

The short term CAD$ technicals are bullish looking for a test of 0.9930 with the push through recent support at 0.9970. For today, USD support is at 0.9930 and 0.9910. USD resistance is at 0.9980, 1.0010 and 1.0040.

The Bank of Canada will announce “no change” in interest rates today at 9:00am which is unanimously expected.

In other news, an Air Canada pilot awoke from a mid-flight nap on a Toronto to Zurich flight and plunged his aircraft into a steep 400 foot dive when he mistook the planet Venus for another plane. This is not surprising as Air Canada has been mistaking passengers for cattle for years.

Today’s Range 0.9930-0.9990

Michael O’Neill

LoonieViews

Categories Markets

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