November 7, 2012
USD/CAD 0.9920-25 Overnight Range: 0.9872-.9936
The Canadian dollar popped higher overnight on the heels of Obama’s reelection as investors concluded that the current stimulus packages would remain intact. However, most of the gains were erased during the European session on softer German data and the Greek vote on austerity measures and on “fiscal cliff” chatter. The Nikkei declined slightly while the Hang Seng and the ASX 200 rose. European equity indices were all down except for Swiss and NY equity indice futures are down. Gold bulls were happy with the Obama win pushing gold up $6.20 to $1,721.20. WTI oil dipped, down $1.15 to $87.56.
The short term USD/CAD technical’s are slightly USD bearish on the move through support in the 0.9940-60 zone, but need to take out support at 0.9870-80 to indicate a new down leg.is starting. If the USD/CAD can reclaim 0.9970, then expect for 0.9880-1.0020 range trading. For today, USD support is at 0.9910 and 0.9880. Resistance is at 0.9940, 0.9960 and 0.9980
The US election analysis and fiscal cliff nattering will keep markets thin exacerbated by a lack of data releases today.
And in other news, an Ohio woman was caught driving on a sidewalk to get around a bus picking up school children, something she did on a regular basis. A judge in Cleveland fined her $250.00, suspended her license for 30 days and ordered her to stand on corner wearing a sign that reads “only an idiot drives on the sidewalk to avoid a school bus”
Today’s Range 0.9880-0.9960
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