Loonieviews January 24, 2012

January 23, 2013

USD/CAD 1.0010-15 Overnight Range: 0.9990-1.0016

The Canadian dollar barely budged during the overnight session but came under early selling pressure as North American traders found their desks. The USD jumped vs. the JPY on new verbal intervention while the Aussie and Kiwi enjoyed a brief bought of strength vs. the US following a strong flash PMI from China. The gains were quickly erased during the European session. US data releases today include: Jobless Claims (forecast +355K) and Leading Indicators (0.4%). No releases from Canada

The short term USD/CAD technicals are bullish. Yesterday’s break of Key US dollar resistance levels at 0.9950 and 0.9980 put 1.0060 clearly in the sights. Only a move through 0.9950 will negate the pressure. For today, USD support is at 0.9980 and 0.9960. Resistance is at 1.0015, 1.0040 and 1.0070

And in other news, Calgary Police officers were caught on camera, drag racing from a stop light to a Tim Horton’s. The only government employees who move faster are Ontario Teachers at quitting time. Of course, the cops will not be disciplined because “without a time stamp on the video, it would be difficult to identify the officers”. Apparently, asking the owner of the video for the day and time when the movie was shot is too taxing for Calgary’s finest.

Watch the race- http://cnews.canoe.ca/CNEWS/WeirdNews/2013/01/23/20520746.html

Today’s Range 0.9920-0.9960

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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