Loonieviews April 3, 2013


LoonieViews
April 3, 2013
USD/CAD Open 1.0135-40 Overnight Range 1.0135-1.0155

The Canadian dollar and the rest of the majors barely budged in another lacklustre overnight session. Traders remained on the sidelines ahead of tomorrow’s BOJ, ECB and BOE meetings and then Friday’s US employment report setting the tone for today’s markets. The US dollar could get a boost from today’s ADP employment data (Forecast 200) and Non-Manufacturing ISM (forecast 55.5). The Nikkei and the Swiss equity indexes rose overnight while all others were flat to down. US equity index futures are flat to slightly higher. WTI oil is $96.74 and gold is $1,571.40

The short term USD/CAD technicals are bearish while trading below 1.0150 and looking for a break of 1.0110 to extend losses to 1.0080. Medium term, the USD/CAD rate is trading in the lower part of the downtrend channel, bounded by 1.0110 and 1.0210. For today, USD support is at 1.0120, 1.0110 and 1.0080. Resistance is at 1.0150 and 1.0180.

4 hour USD/CAD chart

And in other news, a Maple Ridge B.C man learned the hard way about how exchange rate fluctuations can ruin the best of plans. He knew he had to declare $10,000 or more so he cleverly packed $9,885 in his luggage. When he attempted to board his flight to Costa Rica two days later, currency detector dogs (is that what we call customs officers now?) discovered his stash . Unfortunately, the exchange rate had moved against him. His $9,885 became something north of $10k and his money was confiscated. It was the best end of summer BBQ that Pearson airport customs officers ever had.

Today’s Range 1.0110-50

Michael O’Neill

LoonieViews

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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