Loonieviews april 28, 2013

April 29, 2013
USD/CAD Open 1.0138-43 Overnight Range 1.0135-1.0172

The Canadian dollar is starting the week with a little spring in its step with the news that the LEAFS are in the play-offs for the first time in 9 years. The US dollar cracked through the 1.0160-80 support zone on the back of widespread US dollar weakness. Trading was lighter than usual due to Japanese “Golden Week” holidays. Concerns over recent signs that the US economic recovery is faltering coupled with a modest relief rally following Italy being able to form a new government undermined the US dollar in a sluggish overnight session. This is a big week for markets and volatility should rise as we get US payrolls on Friday and a very possible ECB rate cut. Global equity indices were flat to slightly higher and NY equity index futures are also in positive territory, gold is $1,471.50 and WTI is $93.34

The short term USD/CAD technicals are bearish on the break of support at 1.0220 and confirmed by the move through the 1.0160-80 area targeting 1.0080, the last line of defence ahead of 0.9830. For today, USD support is at 1.0130, 1.010 and 1.0080. Resistance is at 1.0160 and 1.0180

And in other news, in what appears to be a blatant attempt to garner favor with PETA spokeswoman and ex-wife Pamela Anderson, Motley Crue drummer, Tommy Lee has jumped on the chuckwagon and penned a letter to Alberta’s Premier Alison Redford, to protest the Stampede’s Rangeland Derby. In the letter, he wrote addressed the premier as ‘Dude”, evidence that he may have enjoyed one spliff too many while “smoking in the boy’s room”, “down at the whiskey”

Today’s Range 1.0110-60

Michael O’Neill


Categories FX, Foreign Exchange, Currency, Canadian Dollar

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