Loonieviews Sept.19, 2012

September 19, 2012
USD/CAD Open 0.9737-42 Overnight Range 0.9728-0.9755

The Canadian dollar was sidelined overnight. The surprise BoJ stimulus announcement drove USD/JPY higher and gave gold a lift. (1,775.30) However, it looks like FX markets are suffering from stimulus fatigue as the reaction in the rest of the majors was fairly muted. Asian equity indices closed higher, European equity indices are mixed to lower and NY equity indice futures are flat

The USD/CAD technicals are bearish while trading below 0.9920 on a daily chart and remain in the well defined US downtrend channel. The recent dip through the bottom of the channel following the FOMC meeting may prove to be an aberration as the currency pair is trading back inside. The hourly charts are bullish USD/CAD while trading above 0.9725, looking for a break of 0.9760 to extend gains to 0.9790. For today, USD support is at 0.9725 and 0.9705. Resistance is at 0.9760 and 0.9790


And in other news, something called the Trust for America’s Health issued a report yesterday stating that “Half of America will be Obese by 2030” According to Democrats, the other half will be dead due to the repeal of ObamaCare, if Romney wins the election.

Today’s Range 0.9720-0.9790

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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