Loonieviews April 18, 2012

April 18, 2012
USD/CAD Open 0.9896-01 Overnight Range 0.9885-0.9908

The Canadian dollar kept most of yesterday’s gains overnight, flat-lining around 0.9890 in an uneventful market. The JPY traded softer on speculation of additional easing. GBP got a boost after the release of the MPC and the EUR drifted lower on economic uncertainty. Asian equity indices were higher but both European indices and NY equity futures were down. There isn’t much in the way of data from the US and the only release of note in Canada is the BoC, Monetary Policy Report

The short term CAD$ technical’s are bullish while trading below 1.0030 but needing a decisive break of 0.9880 to extend gains to at least 0.9720 Furthermore, 0.9880 is the 61.8% fibo retracement of the entire 0.9420-1.0640 from last July. For today, USD support is at 0.9880, 0.9860 and 0.9820. Resistance is at 0.9920, 0.9940 and 0.9980

The Bank of Canada MPR today will reiterate yesterday’s statement that warns of a “modest” rise” interest rates, which was behind the CAD$ spike.

In other news, former rock star and current motor city mad man, Ted Nugent, is being investigated by the US Secret Service for comments he made while urging Americans to support Romney. In fact, 11 agents have been pulled off Obama’s Columbian security detail to determine if Mr. Nugent is a threat or is just suffering from Cat Scratch fever.

Today’s Range 0.0.9860-0.9920

Michael O’Neill


Categories Markets

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