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
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