Loonieviews October 17, 2013


LOONIEVIEWS

USDCAD Open 1.0294-99 Overnight Range 1.0294-1.0330

The USDCAD continued yesterdays afternoon swoon overnight following the official announcement that the US government was being reopened and that the risk of a default was pushed back until February 2014. The US dollar dropped vs. the majors and in that context, the Canadian dollar rally was a tad less than stellar. In other news, China’s Dagong rating agency downgraded US debt to A- from A, likely on a memo from the President of the Peoples Republic of China, mostly to register their annoyance at the US politicians. ..

The short term USDCAD technicals are bearish while trading below 1.0315. The currency pair is approaching support the first level of support at 1.0270 which could cause the down move to stall. Longer term, the USDCAD rate is approaching decent uptrend support in the 1.0240-70 zone which US dollar bulls will view as a buying opportunity. A break of this area should extend losses to 1.0090.

Today’s Range 1.0270-1.032

Categories FX, Foreign Exchange, Currency, Canadian Dollar

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

search previous next tag category expand menu location phone mail time cart zoom edit close