Loonieviews November 15, 2013


USDCAD Open 1.0469-73 Overnight Range 1.0464-1.0482

Original post on Saxo Bank’s Trading Floor

USDCAD traders took a breather overnight after a couple of days of lively trading, although Europe made a half-hearted attempt at action and then apparently changed their minds. USDJPY remains bid, approaching levels not seen since September. EURUSD and GBPUSD ranges were rather compressed with EUR being a sell on rallies while GBP is a buy on dips. The combination of a lack of tier 1 data from the US and the FX volatility seen this week suggests a subdued Friday session. WTI is $93.77 and Gold is $1,282.40

The short term USDCAD technicals are bullish while trading above the 1.0455-60 support area but need to see a break above 1.0490-1. 0500 to spark further upside interest. A move below 1.0455 points to a test of 1.0440 which if broken will see a test of 1.0390-1.0410 support. For today, USD support is at 1.0455-60, and 1.0440. resistance is at 1.0495 and 1.0520.

Today’s Range 1.0460-90

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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