Loonieviews April 5, 2013

April 5, 2013
USD/CAD Open 1.0130-35 Overnight Range 1.0119-1.0141

The Canadian dollar and the rest of the majors traded quietly ahead of today’s US payrolls data. Forecasts are all over the map –from +135k to +210k although yesterday afternoon there was chatter that the “whisper number” was rather weak. The Canadian employment rate is forecast at 7.1% with job gains up 8.1K. Concern over today’s data pushed global equity indices and US equity index futures down (except the Nikkei). Gold is $1,553.90 and WTI is $92.77

The short term USD/CAD technicals are bearish but continue to chop within a narrow 1.0120-50 band. A move above 1.0150 should lead to 1.0180 while below 1.0120 targets 1.0080.

1 hour USD/CAD chart

And in other news, Kim Jong Un, of North Korea has posed for a new official portrait while he continues to bark like a rabid Chihuahua wearing a suicide vest

Today’s Range 1.0110-80

Michael O’Neill


Categories FX, Foreign Exchange, Currency, Canadian Dollar

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