Loonieviews September 11, 2013

USDCAD Open 1.0331-36 Overnight Range 1.0333-1.0363

Original post on Saxo Banks Trading Floor

The USDCAD is testing support in the 1.0330 zone although not with a lot of conviction, perhaps weighing the consequences of what appears to be a reduction of tension over Syria, following President Obama’s speech. There isn’t much in the way of data from the US or Canada to provide direction and with many G-8 currencies at or near support/resistance levels and the FOMC meeting looming next week, traders may be content to sit on the sidelines. Gold is at 41,363.10 and WTI oil is $107.65

The short term USDCAD technicals are bearish wile trading below 1.0365 but need to see a break of the 1.0320-30 support area to extend losses to 1.0280. A move above 1.0365 argues for further 1.0320-1.0420 consolidation

Today’s Range 1.0320-1.0365

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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