: Loonieviews May 8, 2013

May 8, 2013
USD/CAD Open 1.0039-44 Overnight Range 1.0038-1.0058

The Canadian dollar had another quiet overnight session while Kiwi took center stage in Asia. The RBNZ governor, Wheeler, admitted that the RB NZ had intervened in FX markets to stem the rise of the NZD/USD. The AUD/USD got a lift from better than expected Chinese trade data although the accuracy of Chinese data is always suspect. Better than expected German Industrial Prodiuction data gave the EUR/USD a lift while weaker than expected UK retail sales undermined cable. Global equity indices including NY equity index futures, are higher. Gold is $1,452.40 and WTI Oil is $95.59

The short term USD/CAD technicals are bearish while trading below 1.0060 on the hourly charts but struggling to overcome minor support in the 1.0035-40 area. A break of this level will lead to a test of 0.9980 or today, USD support will be at 1.0035. 1.0005 and 0.9980. Resistance will be at 1.0060 and 1.0080.

And in other news, The Toronto District School board is in hot water after a grade 8 teacher posted explicit sex education posters on the bulletin board. The posters were of the kind that would embarrass the madam of the Chicken Ranch. In their defence, the TDSB said that they would review measures to prevent future occurrences at their next bath house meeting.

Today’s Range 1.0020-1.0060

Michael O’Neill


Categories FX, Foreign Exchange, Currency, Canadian Dollar

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