Loonieviews October 2, 2013


USDCAD Open 1.0343-48 Overnight Range 1.0318-1.0354

Original post on Saxo Banks Trading Floor

The USDCAD started to rise in the early Asian session taking out resistance at 1.0335 and touching just above 1.0350. The loonie was undermined by a) the shutdown of the US government giving rise to risk aversion trades manifested in sales of CAD vs JPY, EUR and GBP b) selling sympathy on AUDUSD sales do to weak Australian data . c) belated CAD selling from the Bank of Canada’s downgrade of GDP prospects. d) soft WTI prices ($101.81/bbl

Today’s ECB press conference and the ADP employment report should provide some trading excitement

The short term USDCAD technicals are bullish while trading above 1.0315 with minor support noted at 1.0330. However there is strong resistance between 1.0350-60 which includes a double top and the 100 day moving average. A break of 1.0360 should yield 1.0420 while a move below 1.0330 will see a return to 1.0300

Today’s Range 1.0300-60

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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