Loonieviews July 16, 2013

USDCAD Open 1.0423-27 Overnight Range 1.0412-1.0440

See Saxo Bank http://www.tradingfloor.com/?s_kwcid=TC|1025559|tradingfloor||S|e|15200061956&gclid=CNT-ydmZobgCFfE7Mgod9HoAww

The USDCAD flat-lined overnight in a quiet session ahead of tomorrow’s Bernanke testimony to congress and the interest rate decision and MPR from the Bank of Canada.

Today’s US CPI data is unlikely to spark much interest with markets biding their time until the Fed head speaks. It would appear that markets got the FOMC message in June all ass backwards as evidenced by last weeks post FOMC minutes debacle and so are extremely wary of another plot twist developing tomorrow. When in doubt-book a lunch.

The short term USDCAD technicals are bearish while trading below 1.0460 and looking for a break of 1.0410 to extend US dollar losses to 1.0360. For today, USDCAD support is at 1.0410 and 1.0380. Resistance is at 1.0440 and 1.0460

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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