Loonieviews October 15, 2012

October 12, 2012

USD/CAD 0.9773-78 Overnight Range: 0.9773-0.9808

The USD/CAD is starting the week the way it left off with uninspired directionless trading as are the rest of the majors. Another week -another meeting. This week’s gab fest is the EU summit on Thursday and Friday. In Asia, the JPY was softer, in part due to the $20 billion dollar Softbank’s 70% purchase of Sprint. The rest of the currencies were content to mark time ahead of the US retail Sales data, expected to rise 0.8% MoM. Global equity indices and NY Equity indice futures all rose. WTI Oil is $92.09 and gold shines at $1,748.60.

The short term USD/CAD technical’s are bearish but directionless within the confines of the current 0.9740-.09860 band. For today, USD support is at 0.9770 and 0.9740. Resistance is at 0.9820 and 0.9850

And in other news, a 62 year old seafood plant worker was cooked to death in a steamer. A tragedy for sure and the scorecard now reads : Humans 4,765,770,986 Lobsters 1

Today’s Range 0.9740-0.9820


The content and opinions expressed within this commentary are solely those of the author(s) and are not necessarily shared by Jitney Trade. The data and comments provided herein are for informational purposes only and must not be construed as an indication or guarantee of any kind of what the future performance of the concerned markets will be. There is a substantial risk of loss in trading commodity futures, options and foreign exchange products and is not suitable for all investors. Contact your account representative for more information on these risks. Information and opinions contained herein come from sources believed to be reliable but are not guaranteed as to accuracy or completeness. Please carefully consider your financial condition prior to making any trading decisions.

Michael O’Neill

Vice President, FX Trading


Categories FX, Foreign Exchange, Currency, Canadian Dollar

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