Loonieviews August 27, 2013:


USDCAD Open 1.0527-32 (Overnight Range 1.0499-1.0537

See original post on Saxo Bank’s Trading Floor

The USDCAD edged higher overnight on the back of some modest demand for safe haven dollars as tensions rise around Syria. WTI oil climbed about $1.50 which probably helped to insulate the loonie from a bigger drop. Global equity indices are all lower as are US equity index futures. WTI oil is $107.21 and gold is $1412.00. There are no Canadian data releases today but the US has Redbook index, Case Schiller Home prices, Consumer confidence and Richmond Fed manuafacturing.

The short term USDCAD technicals are bullish while above 1.0480 but need to break 1.0560 to extend gains to 1.0610. For today, USD suport is seen at 1.0520, 1.0505 and 1.0490. Resistance is at 1.0540, 1.0580 and 1.0580.

Today’s Range 1.0505-60

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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