Loonieviews July 17, 2013

USDCAD open 1.0388-92 OvernightRange 1.0370-1.0405

USDCAD was largely ignored overnight awaiting with traders awaiting today’s double header featuring Bernanke and the Bank of Canada. If, the BoC maintains the status quo and IF Bernanke provides further insight as to the timing of QE withdrawal, then, as the chart suggests, then USDCAD should resume its grind lower to test strong support in the 1.0280 area.

see Saxo Bank Trading Floor

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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