Loonieviews Aug.13, 2013

For more information go to Saxo Bank’s Trading Floor

USDCAD Open 1.0315-20 Overnight Range 1.0298-1.0330

INTRA-DAY USDCAD drifted slightly higher overnight on the back of generally positive US dollar sentiment vs the majors. The rally in USDJPY sparked by talk of corporate tax cuts combined with positive outlook for US retail Sales supported the dollar.

The short term USDCAD technicals are bullish while trading above 1.0310, looking for a break of 1.0330 to extend gains to the 1.0350-60 area. A move below 1.0310 opens up a deeper test of support at 1. 0270.

Todays Range 1.0300-50

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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