Loonieviews November 8, 2013


USDCAD Open 1.0457-62 Overnight Range 1.0447-1.0467

Original post on Saxo Bank’s Trading Floor

The USDCAD hugged resistance in the 1.0460 area in a quiet overnight session. FX traders were content to huddle in their foxholes after yesterday’s FX barrage caught them coming and going while they waited for today’s release of US nonfarm payrolls (Consensus 125k). The bias appears to be for a weaker than forecast print due to the US government shutdown. The past few NFP reports have caught markets by surprise so why shouldn’t this one be any different. Look for a larger gain.. Meanwhile, the EURUSD shrugged off S&P’s downgrade of France, AA+ to AA.

The short term USDCAD technicals are slightly bullish inside the well-defined 1.0405-1.0465 trading band. A break of 1.0465 should see a test of 1.0500 while there is a significant support in the 1.0390-1.0410 zone..

Today’s Range 1.0425-1.0500

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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