Loonieviews March 23, 2013

March 22, 2013
USD/CAD Open 1.0249-54 Overnight Range 1.0233-1.0264

The Canadian dollar marked time in a dull overnight session as uncertainty surrounding the Cyprus bail-out talks gave traders and investors an excuse to extend lunch. Cypriot politicians are debating legislation in order to continue to receive bail-out money leaving markets vulnerable to headline risk. The JPY enjoyed a bit of a rally while disappointing IFO data from Germany gave rise to ECB rate cut speculation. While GBP managed to hang on to its recent gains against the US dollar and the euro. There is a dearth of data from the US and Canada today making for a dull day. Global equity indices are a mixed bag-the Nikkei and the Hang Seng closed down while the ASX 200 was slightly higher. European indices are mixed while NY equity index futures are up. Gold is at $1,611.10 and WTI oil is $93.00

The short term USD/CAD technicals are still bearish USD/CAD while trading below 1.0260, (on an hourly chart) but need to break of 1.0205 to extend US dollar losses to 1.0180 and then 1.0110. This would also negate the existing USD/CAD uptrend channel. (intact since mid-January) For today, USD support is at 1.0225 and 1.0205. Resistance is at 1.0260 and 1.0280

And in other news, check out this link


Today’s Range 1.0220-1.0260

Michael O’Neill


Categories FX, Foreign Exchange, Currency, Canadian Dollar

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