Loonieviews November 13, 2012

November13, 2012

USD/CAD 1.0002-07 Overnight Range: 0.9993-1.0025

The Canadian dollar bounced erratically within a narrow band in nervous overnight session. Concerns over a Greek debt default rose ahead of a Greek T-bill auction which proved successful, alleviating concerns modestly. Soft German ZEW data added to the downward pressure on EUR/USD while worse than expected inflation numbers in the UK, lifted GBP/USD. Global Equity indices (except for Spain) were down as are NY equity indice futures. WTI oil is $85.24 and gold is $1,728.40. There are no data releases of note from Canada or the US today50 105

The short term USD/CAD technicals are bullish while trading above uptrend support and the 200 day moving average at 0.9995, but need to crack through 1.0020 to extend gains to 1.0060. A move below 0.9995 could extend to 0.9960 and prolong the 0.9960-1.0020 consolidation

Canada’s Finance Minister delivers his annual fall economic and fiscal update to parliament. It is very unlikely to be a market moving speech, but it is expected to warn that European headwinds will continue to slow economic growth.

And in other news, the Australian band, INXS, announced that they were quitting after 35 years in the business. The rest of the world was stunned as they thought the band quity15 years ago when the lead singer croaked due to an inxs of drugs and alcohol.

Today’s Range 0.9995-1.0040

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.

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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