Loonieviews April 22, 2013

April 22, 2013
USD/CAD Open 1.0250-55 Overnight Range 1.0248-68

The Canadian dollar is adrift within a narrow 20 point band undermined in part by sales of CAD/JPY and soft commodity prices. Meanwhile, it was same-old, same-old in Asian with as USD/JPY tried and failed to crack 100.00. The EUR/USD failed to garner much support even though Italy’s election of an 87 year old guy was viewed as a good thing in debt markets. Global equity indices including NY equity index futures are all higher. Gold is at $1,431.80, up $36.20 and WTI oil is sloshing around at $88.61.

The short term USD/CAD technicals are bullish within a 1.0230-1.0300 band. A break above 1.0300 risks a move to 1.040 while a move below 1.0230 targets 1.0160 and then 1.0080

And in other news, authorities in Massachusetts placed about 1 million residents under “house arrest” and deployed over 9,000 police officers and soldiers in a failed attempt to locate the Marathon bombing suspect. It was only AFTER, when residents were allowed to leave their homes, that an eagle eyed boating enthusiast located the perp, and called the police. In a related story, almost exactly 238 years to the day of Paul Reveres famous ride, his ghost was scene riding through the deserted streets of Boston, yelling “Your Civil Liberties are gone; Your Civil Liberties are gone”.

Today’s Range 1.0230-80

Michael O’Neill


Categories FX, Foreign Exchange, Currency, Canadian Dollar

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