USD/CAD 0.9990-95 Overnight Range: 0.9985-1.0006
The Canadian dollar edged higher in thin trading overnight with many markets closed due to Remembrance Day/Veterans Day holidays. In Asia improving Chinese data gave the AUD/USD a bit of a lift while European markets teed off on Greek events. The Greek government managed to pass the 2013 budget which should mean bail-out money but the EUR stayed under pressure. Fiscal cliff worries are the key focus in the US. Americans are terrified that higher taxes and spending cuts will tip them back into a recession. Canadian’s say “Welcome to our world-Higher taxes are a weekly event! Asian equity markets were mixed; the Nikkei and ASX 200 were down while the Hang Seng gained. European equity indices were mostly higher while NY equity futures are up, to start the day. WTI Oil is $85.13, but gas pump prices are up 10 cents a liter in a week (thank you Suncor) Gold is at $1,736.70
The USD/CAD technicals are neutral within a 0.9980-1.0020 band. With a break either side getting another .0060 points. For today, USD support is at 0.9980 and 0.9960. Resistance is at 1.0005 and 1.
The Canadian dollar will likely keep to the overnight range due to the Remembrance day/Veterans Day holiday’s celebrated by most banks and government offices.
And in other news, the head of the CIA, David Petraeus resigned over having an affair with his biographer. James Bond, another famous spy, never felt the need to quit his day job and he had a number of strangely named women
Today’s Range 0.9980-1.0010
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.