Loonieviews March 14, 2013


March 14, 2013

USD/CAD Open 1.0268-73 Overnight Range 1.0256-1.0283

The USD/CAD overnight range was nearly identical to the previous evening’s session suggesting a lack of interest or direction in the currency pair. Anecdotal evidence points to sharply reduced volumes in this currency pair helping to keep narrow ranges intact. The other majors have not suffered the same fate. The AUD/USD spiked higher on a much stronger than expected jobless report (71.5K vs. consensus 10K) while the Japanese yen moved lower on news that the Japanese lower house approved (as widely expected the BoJ nominees. EUR/USD is still wobbly on uncertainty surrounding Italy, Greece and Spain. Global equity indices, except ASX200, were all higher including NY equity futures indexes. US data today includes jobless claims (355k) PPI (0.1% MoM) and 4 Qtr Current Account.

The short term USD/CAD technicals remained unchanged. A move below 1.0250 should trigger a drop to 1.0180 while a break of 1.0280 points to 1.0310. For today, USD support is at 1.0250 and 1.0230. Resistance is at 1.0280 and 1.0310

And in other news, the Ontario Government spent $828 million to scrap gas-fired electricity plants in Oakville, not the $230 million that they reported. In the private sector, a management team that deliberately lied to shareholders in order to keep their jobs would have been fired with cause and likely face criminal charges. Sadly, when you are the government, you get a lucrative pension and a your portrait hung at Queens Park

Today’s Range 1.0250-1.0310

Michael O’Neill


Categories FX, Foreign Exchange, Currency, Canadian Dollar

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