The USDCAD retreated overnight with the pending Bernanke speech/FOMC minutes leading to US Dollar selling vs the majors, particularly USDJPY. The loonie should also be getting a boost from the healthy $105.00/bbl price for WTI, which I don’t believe is reflected in the current spot price. However, at this juncture, WTI has taken a back seat (more like stuck in the trunk) to tapering discussions. A move below downtrend channel support at 1.0490 exposes 1.0430, while a move above 1.0560 should lead to 1.0660.
posted on Saxo Bank http://www.tradingfloor.com/
And in other news, a multi-jurisdictional police investigation led to the arrest of Benjamin Levin, a U of T professor and a member of Ontario Premier, Katherine Wynn’s transitional team, on child pornography charges. This helps to explain the Wynn/McGuinty government’s practice of erasing emails.
Today’s Range (until 2 pm) 1.0490-1.0530