LoonieViews September 13, 2012


LoonieViews
September 13, 2012
USD/CAD Open 0.9755-60 Overnight Range 0.9753-0.9770

The Canadian dollar retreated modestly yesterday and then drifted aimlessly overnight, sidelined with the rest of the FX market ahead of today’s FOMC meeting and Bernanke press conference. Although many believe that Bernanke will be reluctant to announce another stimulus package ahead of the US elections, equity indices have rallied, gold and oil prices have jumped and the FX market has sold the US dollar believing that some sort of QE3 will be trumpeted today. Therefore, the risk is for a US dollar rally on disappointment. There is some US data today; Jobless Claims (370k), Aug. PPI (1.4% YoY), Ex Food/Energy (Aug. 2.6%) Canada has Cap. Utilization and Housing starts. None of these data releases will have any bearing on today’s FX trading WTI oil is $97.16 and gold is $1,732.90

The USD/CAD technicals are bearish USD but has room to bounce higher within the context of the dominate downtrend channel. For today, USD support is at 0.9730, 0.9710 and 0.9670. Resistance is at 0.9770, 0.9790 and 0.9810

And in other news, an American Ambassador was murdered and American Embassy’s are under assault throughout the middle East, apparently because the locals were told that they don’t like a movie, since most of them haven’t even seen it. Imagine the outrage if they had seen something truly bad, like “The Tree of Life”

Today’s Range 0.9680-0.9780

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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