Loonieviews December 28, 2012

December 28, 2012

USD/CAD 0.9946-51 Overnight Range: 0.9940-0.9956

The Canadian dollar barely budged overnight. Yearend holidays and fiscal cliff brinkmanship provided enough incentive for the poor mopes at work ignore the markets and concentrate on lunch. In addition lousy weather in the US and Canada encouraged workers to stay home. Montreal is digging out from over 2 feet of snow and doing so without calling in the Canadian army. Asian equity indices rose while European equity indices and NY equity futures indexes were all down slightly. WTI oil is $91.09 and gold is $1,661.09

The current USD/CAD trading band of 0.9910-60 remains intact. A break to the top will find resistance at both 0.9980 and 1.0010. A move through 0.9910 will find support at 0.9880.

And in other news, an unlucky car thief was shot multiple times by Durham Police when he attempted to steal a hearse from a funeral home. Initially, EMT workers were elated to find a body already in a hearse right outside a funeral home, saving everyone involved hours and hours of time. Unfortunately, the thief lived.

Today’s Range 0.9910-60

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.

Michael O’Neill

Vice President, FX Trading


Categories FX, Foreign Exchange, Currency, Canadian Dollar

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