Loonieviews March 12,2013

March 12, 2013
USD/CAD Open 1.0275-80 Overnight Range 1.0250-82

The USD/CAD continued to see-saw within the 1.0250-1.0300 band overnight, a range intact since Friday’s robust Canadian jobs report. The AUD/USD has regained its footing and is trending higher while the USD/JPY is choppy. The EUR/USD may be in for some risk aversion selling on a report that Greece needs a plan to cut 150,000 jobs by 2015 in order to receive the next 2.8 billion EUR payment, although at the moment, no one seems to care. Asian equity indices were down, European indices mixed and NY futures indexes are down to start the day.

The short term USD/CAD technicals are bearish while trading below 1.0285, looking for a break of 1.0250 to drive the US dollar lower to 1.0180. A move above 1.0285 argues for a retest of 1.0330

For today, USD support is at 1.0250 and 1.0220. Resistance is at 1.0285, 1.0305 and 1.0330

And in other news, a St Catherines entrepreneur is selling SEXCEREAL, a product which is flying off the shelves at over 700 health food stores across Canada. The product is formulated for men and women to add some, snap, crackle and pop into their lives. Apparently customers believe that this cereal will allow their charms to get lucky

Today’s Range 1.0250-1.0310

Michael O’Neill


Categories FX, Foreign Exchange, Currency, Canadian Dollar

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