Loonieviews March 21, 2013

March 21, 2013
USD/CAD Open 1.0223-28 Overnight Range 1.0225-1.0265

The Canadian dollar squeaked out a modest gain overnight, propelled by weak stop losses being triggered on the move below 1.0240 and selling of EUR/CAD. The Asian session started on a positive note with better than expected Chinese PMI data but turned sour in Europe. A weak German Manufacturing report and an ECB announcement that Cyprus would be cut off from emergency funds unless it agreed to a bailout from the European Union and the IMF, put a damper on EUR trading. One bright patch was a better than expected Retail Sales report in the UK giving cable a boost. US data releases today include: Jobless Claims (342k), Housing Price Index (Jan 0.7% MoM) Leading Indicators and Philly Fed. Canada releases Retail Sales (Jan 0.9% MoM, ex-autos 0.3%). Global equity indices (except the Nikkei) are all lower while NY equity index futures are flat.

The short term USD/CAD technicals are bearish USD/CAD while trading below 1.0260, looking for a break of 1.0220 to extend US dollar losses to 1.0180.

And in other news, a lucky New York family picked up a bowl at a garage sale for the tidy sum of $3.00, displayed it on their fireplace mantel for a couple of years and then learned that the “Ding” bowl was from the Northern Song Dynasty. It sold at auction on March 13 for $2.2 million. Now that’s a Super Bowl.

Today’s Range 1.0180-1.0240

Michael O’Neill


Categories FX, Foreign Exchange, Currency, Canadian Dollar

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