Loonieviews July 29, 2013

USDCAD Open 1.0270-75 Overnight range 1.0264-1.0284

The USDCAD is kicking off the week in a rather relaxed manner ahead of possible month end demand and re-balancing flows as well as ECB, BoE and FOMC meetings later in the week. The US Fed has gone to great lengths to ensure that their message was understood by the markets so this weeks meeting will likely reiterate what has been previously said.

The Fed chairman has explicitly tied tapering to US unemployment meaning that this weeks non-farm payrolls report on Friday, (Forecast +185K) could have a major impact.

For more See Saxo Bank’s Trading Floor

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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