Loonieviews May 9


LoonieViews
May 9, 2013
USD/CAD Open 1.0020-25 Overnight Range 1.0014-1.0035

The Canadian dollar had continued its slow but steady march to 0.9980 overnight, making gains on the coat-tails of the Aussie and Kiwi. Stellar employment data from down under (50,100 jobs vs. forecast of 10,000) gave the AUD/USD another boost, lifting the loonie in the process. The USD/JPY’s failed attempt to crack 100.00 encouraged some profit taking and the JPY rose through 0.9900. Ascension Day holidays in Europe made for a really dull and thin European session. Today’s US data includes Jobless Claims (334k) and Wholes Sale inventories. Canada releases March New Housing Price index (forecast 0.1%). Asian equity indices were lower while European equity indices were mixed. NY equity index futures are flat. Gold is $1,469.90 and WTI Oil is $96.27

The short term USD/CAD technicals are bearish supported by the steeply sloping downtrend line from 1.0280 and by the move through the 1.0030-40 support zone with 0.9980 (200 day moving average) clearly in sight. For today, USD support is at 1.0005 and 0.9980. Resistance is at 1.0040 and 1.0060

And in other news, fresh from a stint in rehab, Green Day’s Billie Joe Armstrong apparently is unhappy with Korean pop star Psy, describing Psy as “The herpes of Music” Psy muttered something about “the American Idiot” needing another Holiday.

Today’s Range 1.0010-40

Michael O’Neill

LoonieViews

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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