Loonieveiws October 3, 2013


USDCAD Open 1.0332-37 Overnight Range 1.0318-38

Original post on Saxo Banks Trading Floor

The USDCAD continues to trade like a hyper puppy in a dog run, running back and forth and going nowhere. It seems that the Canadian dollar is in a tug of war. USDCAD bears selling dollars on general US dollar weakness due to the government dysfunction are competing with buyers of EURCAD, and GBPCAD. Price stability-a Central Bankers dream. The USD traded down vs. the majors overnight as concern increased for a prolonged shutdown, reduced economic growth and any tapering ideas not until 2014. The US data today includes ISM non manufacturing PMI (57.4). The usual Thursday Initial Jobless Claims report won’t be released today. Global equity indices were mixed to higher but US equity index futures are pointing lower. WTI is $103.75 and Gold is $1,308.80

The short term USDCAD technicals are neutral within the 1.0270-1.0360 band, needing a break either side leading to a .0070 point move. For today, US dollar resistance is at 1.0340 and 1.0360. Support is at 1.0315 and 1.0300

Today’s Range 1.0315-40

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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