Loonieviews December 4, 2013


USDCAD Open 1.0663-68 Overnight Range 1.0642-77

Original post on Saxo Bank’s Trading Floor

The USDCAD climbed in a lively overnight sessions that saw AUDUSD crushed on below forecast GDP and comments from the Treasurer that Australia would miss its budget targets. USDJPY was choppy and GBP fell on weaker than expected services PMI data. The EURUSD managed to climb as Euro zone PMI gained. There is lots of data today including US ADP Employment change, US Trade Balance US ISM non-manufacturing PMI and New Home Sales. Canada releases trade data and the Bank of Canada interest rate decision is on tap. Gold is $1,213.80 and WTI is $97.23/bbl

The USDCAD technicals are bullish within a rising channel currently bound by 1.0640 and 1.0695. A move below 1.0640 should lead to a retest of 1.0605 and possibly 1.0570.

Today’s Range 1.0605-80

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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