Loonieviews April 18, 2013

April 18 2013
USD/CAD Open 1.0239-44 Overnight Range 1.0232-1.0276

The Canadian dollar drifted higher in a dull session supported in part by a tepid shift toward a risk seeking environment on the back of a report that the Germans had approved a bail-out for Cyprus, and lower borrowing costs in Spain. Asian equity indices were lower but European equity indices were higher. NY equity index futures are up to start the day. US data releases include: Jobless Claims (+350) and Leading Indicators (+0.1%) Gold is at $1,393.30 and WTI oil is $87.66.

The short term USD/CAD technicals are bearish while the US dollar is trading below 1.0260 but needs to break support at 1.0230 to see further US dollar losses to 1.0180 For today, USD support is at 1.0230, 1.0210 and 1.0180. Resistance is at 1.0260, 1.0280 and 1.0310.

And in other news, Ontario tax-payers can breathe easier. The unelected switch hitting Premier, Kathleen Wynn will not be funding her GTA transit plan with new taxes. Instead, she will be looking at a number of “Revenue Tools”. If her government hadn’t wasted billions closing power plants to win seats, billions more on a E-health initiative that is still on the drawing board and a more billions on ORNGE, transit funding wouldn’t be an issue

Today’s Range 1.0210-60

Michael O’Neill


Categories FX, Foreign Exchange, Currency, Canadian Dollar

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