Loonieviews April 26, 2013

April 26, 2013
USD/CAD Open 1.0195-00 Overnight Range 1.0180-1.0205

The Canadian dollar consolidated yesterday’s gains overnight awaiting the Q1 US GDP data (forecast +3.0% YoY) and the Reuters/U. of Michigan consumer confidence Index (73.2) The JPY rallied after the BoJ left policy unchanged, delaying what many see as the inevitable break above 100. In Europe, the EUR/USD is off the day’s best levels in part due to anticipation of US dollar gains following a strong GDP print. Gold is $1,467.50 and WTI oil is $93.01. Asian equity indices closed flat to modestly higher while European equity indices and NY equity index futures are down.

The short term USD/CAD technicals are bearish following the move through the 1.0220-30 support zone and are looking for a break of 1.0180 to extend USD losses to 1.0140. A move back above 1.0230 suggests further 1.0180-1.0280 consolidation.

And in other news, executives at Loblaws/Superstore’s, purveyor of such haute couture as “ Joe Fresh” may be getting their Bangladesh made skivvies in a knot as news comes to light that some of their clothing line was manufactured in the collapsed garment factory. This is the same company that charges shoppers 5 cents a bag to garner brownie points as an environmentally friendly retailer, while simultaneously supporting the exploitation of impoverished workers. Loblaws-Home of No Name and No Shame.

Today’s Range 1.0180-1.0230

Michael O’Neill


Categories FX, Foreign Exchange, Currency, Canadian Dollar

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