Loonieviews November 4, 2013


USDCAD Open 1.0408-13 Overnight Range 1.0404-1.0428

original post on Saxo Bank’s Trading Floor

The USDCAD is having another look at support in the 1.0405-10 area but struggling to make further gains in the face of both EURCAD and GBPCAD consolidating recent losses, resulting in some selling of Canadian dollars against those currencies. Dallas Fed Reserve President Fisher was at his hawkish sounding best essentially blaming the US congress for the lack of taper in October, sparking a short lived flurry of dollar buying in Asia-albeit in holiday thinned markets. There isn’t a lot of data to get excited about today so the focus will remain on the upcoming ECB meeting.. Gold is $1,312.30 and WTI oil is $94.68

The short term USDCAD technicals are bearish while trading below 1.0420 putting pressure on support in the 1.0405-10 zone. A break here should see further losses to 1.0370. Above 1.0420 would lead back to 1.0460.

Today’s Range 1.0490-25

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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