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
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Vice President, FX Trading