loonieviews December 12, 2013


LOONIEVIEWS

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

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