Loonieviews April 11,2013

April 11 2013
USD/CAD Open 1.0090-95 Overnight Range 1.0088-1.0155

The USD/CAD rate triggered stops in the 1.0130-40 zone during the European session and quickly sank to 1.0090, buoyed by CAD/JPY demand with USD/JPY flirting with 100.00. A weaker US dollar vs. EUR and the other majors contributed to the CAD$ strength. Meanwhile, global equity indices and NY equity index futures are all higher ahead of today’s US release of jobless claims (+365k), Gold is at $1,560.70 and WTI Oil is $94.54

The short term USD/CAD rate is bearish targeting a move through support at 1.0080 to extend US dollar losses to 1.0020. Below 1.0020 should see a retest of the 2013 low of 0.9830. For today, USD support is at 1.0080 and then 1.0050. Resistance is at 1.0130 and 1.0150.

And in other news, employees at the LCBO are threatening a strike as OPSEU negotiates a new contract. Part-time cashiers earn $20.27 per hour with a benefit package that would make an auto worker envious. It’s enough to drive a tax-payer to drink, which of course, will be difficult with the liquor stores closed.

Today’s Range 1.0060-1.0130

Michael O’Neill


Categories FX, Foreign Exchange, Currency, Canadian Dollar

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