Loonieviews November 5, 2013


USDCAD Open 1.0428-33 Overnight Range 1.0413-52

Original post on Saxo Bank’s Trading Floor

The USDCAD dipped through support at 1.0400-05 in early Asia trading but didn’t like what it and retreated rapidly, testing the top end of the latest trading band, at 1.0450. As expected the RBA left rates unchanged and the governor complained about AUDUSD being too strong. Traders only seemed to care briefly. Cable took center stage following a far better than expected October services PMI reading. (62.5 vs forecast 59.8). GBPUSD soared from 1.5960 to 1.6040 where it is currently lingering. Asian equity indexes were mixed and European indices were all lower as are NY equity index futures. WTI is $94.23/bbl and gold is $1,311.30

The short term USDCAD technicals neutral inside the 1.0400-50 trading band. A move above 1.0450 should yield a test of 1.0480 while a move through 1.0400 should lead to 1.0380.

Today’s Range 1.0410-50

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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