Loonieviews November 18, 2013


USDCAD Open 1.0417-21 Overnight Range 1.0413-42

Original post on Saxo Bank’s Trading Floor

The USDCAD retreated slightly in the overnight session on the back of rising expectations that the US QE program will continue indefinitely under a Janet Yellen led Fed. Further US losses may be delayed (at least for today) ahead of speeches from the Senior Deputy Governor of the Bank of Canada as well as speeches from Fed members, Dudley and Plosser. today. In addition, a Bernanke speech Tuesday night ahead of Wednesday’s US CPI, Retail Sales and the FOMC minutes may cause US bears to take a break. WTI oil is $93.45 and gold is $1,283.50

The short term USDCAD technicals are bearish while trading below 1.0440 but need to break strong US dollar support in the 1.0390-1.0410 area to extend losses. A move above 1.0440 points to further 1.0410-1.0510 consolidation.

Today’s Range 1.0410-40

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