March 26, 2013
|USD/CAD Open 1.0200-05 Overnight Range 1.0193-1.0220
The Canadian dollar drifted higher during the Asian session but gave back all the gains in the European session. Overnight, Cyprus issues continue to dive markets, mostly on the fear that if the EU could raid bank deposits there, what about other countries needing help? The outlook for the Euro zone and American economies continues to diverge with the improving US growth outlook helping to drive EUR/USD lower. US Data on tap today includes: Feb. Durable Goods (Forecast 3.8%), Mar. Consumer Confidence (68.0), Case Schiller Home Prices (7.9%) Gold is at $1,599.50 and WTI Oil is $95.45 Asian equity indices were mixed and European equity indices were mostly modestly higher. US equity index futures are up to start the day.
The short term USD/CAD technicals are bearish while trading below 1.0240 but need to break through 1.0180 to see and extension of US dollar losses to 1.0110. For today, USD support is at 1.0180 and 1.0160. Resistance is at 1.0220 and 1.0240
And in other news, The new Chinese ambassador to Canada arrived in Toronto yesterday
Today’s Range 1.0160-1.0220