Loonieviews September 23, 2013


LOONIEVIEWS

USDCAD Open 1.0300-05 Overnight Range 1.0288-1.0309

Original post on Saxo Banks Trading Floor

The holiday in Japan got FX markets off to a slow start and even a better than expected HSBC PMI print for China, failed to give the loonie even a little of a lift. The technicals are a tad sketchy and with a week of FOMC speakers, the tapering message is likely to get murkier. Angela Merkel finished one seat shy of a majority in German elections which is good for her, but it remains to be seen how EURUSD will react. Euro zone PMI’s were mixed and ECB President Mario Draghi speaks today as do the Fed’s Dudley and Lockhart. The only US data of note on tap is the Markit PMI (forecast 54.0 vs previous 53.1) Gold is $1,320.20 and WTI $104.92

The short term USDCAD technicals are bearish while trading below 1.0310 but need to break below 1.0260 to extend losses. Meanwhile USDCAD bulls look to buy dollars on dips between 1.0240-60 for a retest of 1.0365 and 1.0420. for today, USD support is at 1.0280 and 1.0260 Resistance is at 1.0310 and 1.0335

Today’s Range 1.0280-1.0310

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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