Loonieviews September 12, 2013


LOONIEVIEWS

USDCAD Open 1.0321-26 Overnight Range 1.0302-23

Original post on Saxo Banks Trading Floor

The USDCAD fall over the past few days hit the brakes overnight, in part due to the nasty drop in AUDUSD on the back of a worse-than-expected employment report. (decline of 10,800 vs forecast gain of 10,000) The USDJPY rejected strength above 100.00 and dropped to 99.25 helping to limit interest in USDCAD selling. Gold prices declined $21.70 to $1,341.80 while WTI oil hovered around $107.94. US data releases include Jobless Claims (forecast 330,000) while Canada releases the July New House Pricing Index (0.1 percent, month over month). The Hang Seng and ASX200 rose, but the Nikkei and nearly all the European equity indices were down. NY equity index futures are falt to slightly down.

The short term USDCAD technicals are bearish wile trading below 1.0335 looking for a test of 1.0280. A move above 1.0330 should see a return to 1.0365. For today, USD support is at 1.0305 and 1.0280. Resistance is at 1.0335 and 1.0365

Today’s Range 1.0305-65

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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