Loonieviews August 14, 2013

USDCAD Open 1.0342-47 Overnight Range 1.0342-1.0367

Original post on Saxo Bank’s Trading Floor

INTRA-DAY USDCAD had a peek above 1.0350 resistance in follow through buying on the back of the US retail sales report. In addition, the failure of the USDCAd to extend losses below 1.0270, encouraged short term traders to take profit.

The outlook for today is more of the same with the USDCAD maintaining a "buy on dips" profile with US PPI and more Fed speakers on tap.

The short term technicals are neutral, needing a break either side of 1.0340 or 1.0360 to set up the next 30 points. Below 1.0340 suggests 1.0310 and above 1.0360 points to 1.0400. the bigger picture isn’t a lot better with the 1.0270-1.0440 range likely to prevail

Todays range 1.0310-1.0360

Categories FX, Foreign Exchange, Currency, Canadian Dollar

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

search previous next tag category expand menu location phone mail time cart zoom edit close