Loonieviews April 12, 2013

April 21 2013
USD/CAD Open 1.0120-25 Overnight Range 1.0096-1.0125

The Canadian dollar traded sideways within yesterdays range as did the rest of the majors during a subdued overnight session due to some concerns stemming from the EU meeting in Dublin. The AUD/USD is off its highs but still well bid on a bullish China outlook and USD/JPY is still looking to print 100. There is a lot of US data today including: Retail Sales (-o.1% MoM, ex-autos -0.1% MoM), Mar PPI (-0.2% Mom), U of Michigan Consumer confidence (78.5) Global equity indices were all down (except ASX 200) as are NY equity index futures. WTI Oil is $92.31 and gold is $1,548.30

The short term USD/CAD technicals are muddled and the currency pair likely to see-saw with the 1.0080-1.0150 band, in the context of the predominate down trend channel. For today, USD support is at 1.0095 and 1.0080 Resistance is at 1.0130 and 1.0150

And in other news, the council of Wirral in North England has decided to charge 33% more to cremate fat people because it takes more time and energy. The pricing strategy is similar to that of the Pizza industry-it takes less time to bake a small pizza than a large pizza. It is unclear if Wirral, UK offers two-for one special’s or has a 30 minutes or free policy.

Today’s Range 1.0080-1.1050

Michael O’Neill


Categories FX, Foreign Exchange, Currency, Canadian Dollar

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