December 18, 2012
USD/CAD 0.9844-49 Overnight Range: 0.9832-0.9850
The Canadian dollar trade sideways in an uneventful session with little in the way of fresh stimulus to provide any direction. Talk of headway in the Fiscal cliff negotiations failed to inspire much interest as trading appears to have wound down for the year. With the exception if the Hang Seng, global equity indices are all in the green as are NY equity index futures. Gold is $1,698.84 and WTI oil is $87.72. There is no data of note today except the US Current Account balance.
The short term USD/CAD technicals are bearish while trading below 0.9890 but need to break support at 0.9830 to extend gains to 0.9770. For today, USD support is at 0.9830 and 0.9810. Resistance is at 0.9850 and 0.9860.
And in other news, Toronto Area teachers have walked off the job today. The teachers union says they are only striking to “to protect the rights of all workers and prevent the government from passing legislation to end strikes and impose contracts” What they really mean is that the teachers unions want to keep the ability to hold taxpayers hostage while working a 30 hour week (for 60 hr. a week money) for 9 months of a year
Today’s Range 0.9830-0.9860
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