:Loonieviews March 19, 2013

March 19, 2013
USD/CAD Open 1.0227-32 Overnight Range 1.0216-1.0234

The USD/CAD went nowhere overnight in a subdued session, hung over from St. Paddy’s Day celebrations and bummed out over the blanket of snow across the GTA to greet the first day of Spring. In Asia, the USD/JPY rose on anticipation that the incoming BoJ officials will start QE very soon while the AUD/USD firmed on positive comments from RBA officials. The European session was dominated by Cyprus fears. The Cyprus parliament was reported to likely vote to reject the EU plan (12:00 noon) to hoover cash from depositor accounts which may further erode the EUR/USD. Gold is $1,601.80 and WTI oil is $93.79. The Nikkei rose but the rest of the global equity indices are down with NY equity futures indexes also flat to down tiny.

The short term USD/CAD technicals are bullish USD/CAD while trading above 1.0215 (green line) but need to see a break through the 1.0240-50 resistance zone to extend gains to 1.0280. A move below 1.0215 suggests a further dip to 1.0180. For today, USD support is at 1.0215, 1.0205 and 1.0180. Resistance is at 1.0240, 1.0255 and 1.0280

And in other news, Toronto Police are warning citizens of the dangers of seeking out illegal butt enhancement treatments, saying women are putting their lives at risk. As usual, Ontario politicians rushed to jump on the “bigger bum bandwagon” but one unlucky MPP apparently wasn’t sure of the concept.

Today’s Range 1.0210-1.0250

Michael O’Neill


Categories FX, Foreign Exchange, Currency, Canadian Dollar

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