Loonieviews January 3, 2014


USDCAD Open 1.0646-51 Overnight Range 1.0625-56

Original post on Saxo Bank’s Trading Floor

The USDCAD enjoyed a lively Asian session caught up in the whippy volatility of the AUDUSD and USDJPY, a couple of currency pairs that demonstrated their vulnerability to thin market profit taking and position adjustment. There wasn’t any one specific catalyst for the moves and when normal volumes return starting next week, the overnight moves will be chalked up to an "anomoly". EURUSD traded sideways with a negative bias as did cable. A host of Fed speakers may be dog sledding it to the AEA conference in Philadelphia. A major winter storm affecting the North Eastern USA and Canada will make for even lighter volumes in an already holiday thinned market

The intraday USDCAD technicals are modestly bearish while trading below 1.0660 but bumping into US dollar support in the 1.0600-20 area. A move through this area will lead to another dip lower to 1.0575.

Today’s Range 1.0610-50

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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