December 6, 2012
USD/CAD 0.9918-23 Overnight Range: 0.9905-0.9927
The USD/CAD rate edged lower to test 0.9905 in overnight trading but like a big toe in a glacial pool, quickly pulled back. Trading was muted and cautious ahead of both the ECB and the BoE rate announcements and press conferences. Both central banks delivered more of the ‘same old-same old” leaving traders a choice of waiting for financial cliff developments or jumping off a cliff. The jury is still out on what was the more popular choice. US Jobless claims were better than expected at 370K actual vs 380K forecast. Global interest rate indices were mixed and NY equity futures indexes are down gold is $1,690.79 and WTI oil is $87.13
The short term USD/CAD technicals are unchanged from yesterday, although the following hourly chart clearly depicts the USD/CAD in a downtrend channel. For today, USD support is at 0.9905 and 0.9885. Resistance is at 0.9930 and 0.9950
And in other news, a church in Arkansas has called off their planned presentation “Merry Christmas, Charlie Brown, a stage adaptation of “Charlie Brown’s Christmas”. Apparently a parent complained of the shows religious overtones which differed from her own, making the production unsuitable for everyone else. She denied rumours that she wanted to produce her own Holiday screenplay entitled “Bat-shite Crazy in Arkansas”
Today’s Range 0.9885-0.990
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.
Vice President, FX Trading