October 10, 2012
USD/CAD 0.9777-82 Overnight Range: 0.9769-0.9797
The USD/CAD is adrift in a sea of indifference as global investors weigh Euro zone debt resolution progress with US economic growth prospects and the election, with a dash of China uncertainty thrown in. Global equity indices were all down on the day and NY equity indice futures are in the red. Gold is trading at $1,763.90 while turkey saber rattling at Syria has pumped WTI oil to $92.78, which hasn’t hurt the loonie.
The short term USD/CAD technicals are bearish while trading below 0.9840, needing 0.9740 to fall to lead to a retest of the 0.9630 area. For today, USD support is at 0.9770 and 0.9740. Resistance is at 0.98120 and 0.9840
The Canadian dollar may be getting some benefit from CAD$ demand vs EUR, rising oil prices and an improving outlook for the US economy offsetting to a degree, safe haven demand for US dollars.
And in other news, a Florida man won a cockroach eating contest. He promptly keeled over and died. There is no information on what the second prize was.
Today’s Range 0.9760-0.9815