Loonieviews September 10, 2013

USDCAD Open 1.0359-64 Overnight Range 1.0358-1.0376

Original post on Saxo Banks Trading Floor

The USDCAD slipped lower overnight as FX markets dipped their toes into risk seeking waters, spurred on by the Russian plan to have Syria get rid of their chemical weapon stash. The idea is gaining popularity in the international community and allowing Obama to save face at home, where Congressional approval of his plans for a military strike is not a slam dunk. Elsewhere, recent China data releases have been better than expected (coincidently after China’s Vice Chairman said GDP wouldn’t be tolerated below 7.5%) supporting the global recovery outlook and supporting the Canadian dollar in the process. Today’s Canadian housing starts data(forecast 190,000) may help keep the positive spin on the Canadian dollar. Global equity indices and NYequity index futures are all higher. Gold is down $14.70 to $1,372.10 and WTI is at $108.65

The short term USDCAD technicals are bearish wile trading below 1.0410 looking for a break of 1.0350 to extend losses to 1.0320 and then 1.0280. Above 1.0410 argues for additional 1.0360-1.0440 consolidation. For Today, USD support is at 1.0350, ,1.0320 and 1.0280. Resistance is at 1.0380 and 1.0410

Today’s Range 1.0310-80

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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