March 6, 2013
USD/CAD 1.0288-93 Overnight Range: 1.0252-1.0292
The Canadian dollar drifted steadily lower in another uneventful session with locals awaiting the Bank of Canada rate announcement and statement at 9:00am. It is widely expected to be left unchanged with a dovish tone to the statement. Elsewhere, the AUD/USD stayed firm on a solid GDP report. The new highs posted by the Dow have traders cautiously optimistic but leery ahead of tomorrow’s central Bank meetings. BoE, ECB and BoJ) The ECU continues to treat Microsoft as their own private piggy bank. This time they have fined Microsoft around 450 million euro’s for not promoting competitors’ browsers-that’s like fining Coca cola for not promoting Pepsi. In Canada, today’s release of the IVEY Purchasing Managers Survey (forecast 57.5) could give the loonie a bit of a boost if it surprises to the upside. Global equity indices including NY equity index futures are all in positive territory.
The short term USD/CAD technicals bullish while trading above 1.0250 but needs to break 1.0330 to see an extension. Otherwise, it looks to be more 1.0250-1.0330 consolidation. For today, USD support is at 1.0270 and 1.0250 with Resistance at 1.03005 and 1.0330.
And in other news, the man who delivered a wanted criminal to a Bradford, UK police station, while clad in a 1960’s era Batman costume has been identified as Stan Worby.-Super hero by night-Chinese takeout delivery man by day. Now when citizens of the town find themselves in a spot of trouble they can call 999 (UK version of 911) or Szechuan Szechuan
Today’s Range 1.0250-1.0310
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Vice President, FX Trading