USD/CAD Open 1.0505-10 Overnight Range 1.0480-1.0538
The Canadian dollar got walloped overnight as the combination of bullish USDCAD technicals, thin Asian markets, stop losses and option barriers in the 1.0500 area put US dollar bulls in a feeding frenzy. In addition, the US dollar was in demand vs. the majors on fears of tightening from china which whacked the Shanghai index. There is not much in the way of data today and this week’s big releases, Canada and US GDP will likely be trumped by on-going fears surrounding US interest rates. Global equity indices including NY equity index futures are all down. Gold is $1,281.20 and WTI oil is $93.80
The short term USD/CAD technicals are bullish following the break of key resistance in the 1.0430-60 area which sets up further USD/CAD gains to 1.0620. For today, USD support is at 1.0505 and 1.0480. Resistance is at 1.0535 and 1.0570
And in other news, a Peruvian woman found a rather unique way to deal with her husband’s supposed mistress-She threw her off a cliff. The woman survived the 20 foot plunge. There is no word on the fate of her hubby.
Today’s Range 1.0480-1.0560