Loonieviews August 28, 2013

INTRADAY: USDCAD Overnight Range 1.0501-1.0520)

The USDCAD managed to stem yesterday’s fall above support at 1.0470 as risk aversion waned awaiting new developments from the Middle East. WTI Oil109.52 (and Brent $115.17) remained elevated on supply concerns while gold hovered around $1423.70. Global equity indices were all in the red but NY equity futures indexes are flat. The only data on tap is US Pending home sales, which should create a stir.

The short term USDCAD technicals are bullish while trading above 1.0470 but needing to break resistance at 1.0530 and the 1.0560 to see an extension to 1.0610. Yesterday’s retreat below 1.0500 should have served to wash out weak long dollar positions leaving the scope to renew the uptrend. For today, USD support is at 1.0490, 1.0470 and 1.0460. Resistance is at 1.0530 and 1.0550

Today’s Range 1.0470-1.05730

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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