LoonieViews July 11, 2012

July 11, 2012
USD/CAD Open 1.0189-94 Overnight Range 1.0185-1.0231

The Canadian dollar edged higher from yesterday’s close although it remains directionless inside the 1.0160-1.0230 band. Traders are seen to be clutching at straws in an attempt to discern a direction. Some players in the overnight session took solace in hopes that today’s FOMC minutes would provide clues as to the start of QE III while others fretted about the delay in a German court decision to determine the legality of ESF payments by Germany. Meanwhile Spain raised taxes and cut spending in an effort to chop 65 billion of the budget over the next 3 years. Global equity indices were mixed and NY futures are positive. WTI Oil is $84.96 and gold is $1,578.45

The short term USD/CAD technicals are neutral and unchanged from yesterday. A move below 1.0160 should setup a test of 1.0080 while a trip above 1.0230 opens up a return to 1.0440. For today, USD support is at 1.0160 and 1.0120. Resistance is at 1.0210 and 1.0230

Another US based Futures broker, PFGBest, failed after its founder allegedly absconded with half the money in the supposedly “segregated” client accounts. Misuse of client funds was behind the massive MF Global collapse as well. Hmmmm, is this a trend with CME and CBOT firms?

And in other news, a woman in Washington state was chased and attacked by group of irate racoon’s after her dog chased a mama racoon and her babies. She ended up with about 100 wounds but found it hard to identify her attackers. Apparently they were wearing masks.-GROAN!

Today’s Range 1.0160-1.0230

Michael O’Neill


Categories Markets

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