Loonieviews August 8, 2013


LOONIEVIEWS

USDCAD Open 1.0407-12 Overnight Range 1.0403-1.0428

Original Post on Saxo Bank’s Trading Floor

The USDCAD is starting the day near the overnight lows coming under pressure in part due to stronger data from China. The Chinese trade surplus narrowed to 17.8 billion vs consensus of 26.9 billion but the 10.9% rise in imports gave the AUDUSD a lift which in turn provided some support for the Canadian dollar. With the exception of the Nikkei, global equity indices all rose. WTI oil is $104.41 and Gold is $1,290.00. US data releases include Jobless Claims (forecast 336K( while Canada releases New Home Price Index (0.1%)

The short term USDCAD technicals are bearish while trading below 1.0420 but needing a move through 1.0400-05 to ignite further selling pressure. For today, USD Support is at 1.0400 and 1.0380. Resistance is at 1.0420 and 1.0440

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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