Loonieviews January 2, 2014


USDCAD Open 1.0646-51 Overnight Range 1.0625-56

Original post on Saxo Bank’s Trading Floor

The USDCAD edged higher overnight on the back of general US dollar strength vs the majors. AUDUSD came off on soft China PMI data. The Markit EU PMI data came in as forecast while the UK PMI data missed. Next up is the US ISM Manufacturing PMI and jobless claims. European equity indices and NY equity index futures are down to start the New Year. Gold is $1,217.21 and WTI oil is $98.31.

The intraday USDCAD technicals are modestly BEAbullish while trading above 1.0620 looking for a break of 1.0660 to extend gains to 1.0735. A move below 1.0620 risks a retreat to 1.0575. For Today, USD support is at 1.0620 and 1.0600. Resistance is at 1.0660 and 1.0680.

Today’s Range 1.0620-60

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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