Loonieviews April 15, 13

April 15 2013
USD/CAD Open 1.0216-21 Overnight Range 1.0135-1.0222

The Canadian dollar got spanked as the “commodity currencies” tanked following worse than expected Chinese economic data. Gold dropped nearly $90 to $1,412.60 and WTI oil is at $88.80. Further exacerbating the weakness were comments from the US Treasury ‘s bi –annual report to Congress asking Japan to refrain from “competitive devaluation”, which sparked a wave of JPY buying vs the US dollar, Euro and CAD. Global equity indices and NY equity index futures are all lower.

The short term USD/CAD technicals are bullish following the break of US resistance at both 1.0150 and 1.0180 leaving just 1.0240 to guard against further gains to 1.0280. For today, USD support is at 1.0190, 1.0170 and 1.0150. Resistance is at 1.0230, 1.0240 and 1.0280

And in other news, Justin Trudeau, former Drama Teacher, was named the new leader of the federal Liberal Party of Canada. He was pleased to receive a congratulatory message from Kim Jung-Un, a kindred spirit, who also has the mantle of leadership while being devoid of any leadership credentials

Today’s Range 1.0180-1.0230

Michael O’Neill


Categories FX, Foreign Exchange, Currency, Canadian Dollar

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