Loonieviews October 16, 2013


USDCAD Open 1.0364-68 Overnight Range 1.0366-1.0382

original post on Saxo Bank’s Trading Floor

The USDCAD mostly watched as AUDUSD and USDJPY churned during the Asian session due to on-again-off-again US government negotiations. The Euro zone trade surplus was slightly wider than expected but not having much impact in FX. GBPUSD got a big boost from much better than expected UK employment data. Meanwhile the American politicians continue to hold global financial markets hostage, debating with each other about "What Americans want", probably frustrated that they can’t just wrap the stars and stripes around themselves and bomb their problems away.

There is no change to the short term USDCAD technicals. They are neutral within the current 1.0330-1.0380 trading range although sentiment is biased higher. A decisive move through 1.0380 should lead to 1.0440 while a move below 1.0330 gets 1.0270

Today’s Range 1.0335-1.0380

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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