Loonie Loses Luster after shining overnight

The USDCAD has bounced off the overnight low (1.0338) like a fat man on a bungie cord, likely eviscerating bulls and bears in the process. If, the original US dollar rally was overdone, the reaction in the last 18 hours or so is probably just as over cooked.

I would guess that the dip below 1.0360 overnight was a bit of an anomaly which argues for some 1.0360-1.0460 consolidation.

see http://www.tradingfloor.com/ for more

Categories FX, Foreign Exchange, Currency, Canadian DollarTags , , ,

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