Loonieviews June 27, 2013


USD/CAD Open 1.0450-55 Overnight Range 1.0428-1.0475

The USDCAD retreated deep into the 1.0420-40 support zone on the back of reduced hysteria surrounding US stimulus reduction. The collective pause helped drive AUD and EUR higher vs the US dollar while boosting global equities and gold. Asian equity indices were higher, European indices were modestly up (although IBEX was lower) and NY equity index futures are higher. US data releases include, Jobless Claims, Pending Home Sales and a couple of Fed speakers all of which could help to improve the market tone.

The intraday USDCAD technicals are bearish while trading below 1.0470 but need to slog through the 1.0420-40 support zone to extend US losses to 1.0395. Longer term, the US DCAD uptrend remains intact for a test of 1.0660. For today, USD support is at 1.0425 and 1.0395. Resistance is at 1.0470 and 1.0505

And in other news, a Dutch woman kept her dead mother in a freezer for a week because she was unable to say good-bye. Nothing says “ I love you like a MOMSICLE".

Today’s Range 1.0395-1.0460

Michael O’Neill



Categories FX, Foreign Exchange, Currency, Canadian Dollar

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