Loonieviews December 30, 2013


USDCAD Open 1.0710-14 Overnight Range 1.0700-25

Original post on Saxo Bank’s Trading Floor

The USDCAD drifted lower from its early Asian peak in a light trading session. USDJPY retreated from its Asia high at 105.39 while the US dollar lost ground against EUR and GBP. Intraday FX trading is dominated by flows with fundamental and technical traders seemingly checked out for the year. EURUSD strength continues to confound pundits while GBPUSD gains are being attributed to a bullish UK economic outlook. Japan is still trying to stimulate it’s economy while the US is paring back stimulus. USDCAD stays bid due to the perception that the Bank of Canada is still dovish.

The intraday USDCAD technicals are modestly BEARISH while trading below 1.0720 but needs to break support in the 1.0700-10 zone to extend losses to the 1.0650-80 support zone. A move above 1.0720 will see a retest of the 1.0735 peak which if broken would extend gains to 1.0775 and then 1.0800.

Today’s Range 1.0680-1.0735


Loonieviews-December 19,2013

Loonie Views: ‘Money for nothing says the FOMC’

(Orignial post on Saxo Bank’s Trading Floor

Straits, sang "Money for nothing and your chicks for free". If they decided to update the song for 2013, they might be singing "Money for nothing says the FOMC".

Loonieviews December 18, 2013


USDCAD Open 1.0635-40 Overnight Range 1.0598-1.0640

Original post on Saxo Bank’s Trading Floor

The USDCAD was pretty quiet overnight but started to rally when early Toronto/NY traders came in. AUDUSD was mostly ignored, USDJPY turned over decent volumes in a narrow range and EURUSD ignored data and went nowhere. Cable was the star of the show, leaping over 0.100 points on better than expected employment data. The Asian Equity indices rose .(ASX200 was flat), European equity indices are also higher as are NY equity futures.

The intraday USDCAD technicals are bullish while trading above 1.0610 but meeting with minor resistance at 1.0640, with more at 1.0660.. For today, USD support is at 1.0610 and 1.0580. Resistance is at 1.0640 and 1.0660.

The USDCAD is likely to trade with a modestly "bid" tone ahead of the FOMC meeting.

Today’s Range 1.0610-1.0660

Loonieviews December 16, 2013


USDCAD Open 1.0590-94 Overnight Range 1.0580-94

Original post on Saxo Bank’s Trading Floor

The USDCAD was largely ignored overnight in a lively session that saw USDJPY drop.0050 points and then bounce right back. The EURUSD scratched out some gains supported by a positive EUR PMI (52.7 vs. forecast of 51.9) There is not much in the way of market moving data today leaving FX positions vulnerable to taper speculation. Asian equity indices were down, European equity indices rose and NY equity index futures are also in the green. Gold is $1,230.00 and WTI oil is $97.15/bbl

The intraday USDCAD technicals are modestly bullish but need to break above 1.0600 to extend gains to 1.0630. A move below the 1.0570-80 support zone could extend losses to 1.0550 and as far down as 1.0510

Today’s Range 1.0580-1.0620

Loonieviews December 13, 2013


USDCAD Open 1.0655-60 Overnight Range 1.0628-67

Original post on Saxo Bank’s Trading Floor

The US dollar was bid against the majors in the overnight session in part due to thoughts of an early taper. AUDUSD is testing the recent lows while USDJPY probed the recent top. Next week’s FOMC meeting concerns will guide trading today. Global Equity indices are all higher as are NY equity index futures. Gold is $1,227.42 and WTI oil is $97.17/bbl

The intraday USDCAD technicals are bullish while trading above 1.0645 but needing a break of 1.0665 to extend gains to 1.0707. Below 1.0645 points to a return to 1.0620 and possibly 1.0600

Today’s Range 1.0620-1.0680

loonieviews December 12, 2013


USDCAD Open 1.0569-74 Overnight Range 1.0557-1.0596

Original post on Saxo Bank’s Trading Floor

The USDCAD continued to probe and pierce support levels , washing out weak long dollar positions in thin markets ahead of the BoC governors speech today. Australia’s employment data surprised to the upside but gains were short lived. Eurozone October Industrial production was lowered than expected (-1.1% vs. forecast of 0.2%) but EURUSD continues to lurk around 1.3800. Today’s US data, Retail sales and jobless claims) will be important only in the context of how the data impacts the tapering decision. Gold is at $1,244.70 and WTI oil is $97.74/bbl

The intraday USDCAD technicals are bearish . The USDCAD is in a steady(1.0550-1.0600, currently) downtrend channel since break back below support at 1.0660. A move through 1.0550 argues for 1.0520 while above 1.0600 will get you 1.0630.

Today’s Range 1.0550-1.0600