Loonieviews January 7, 2014


USDCAD Open 1.0693-97 Overnight Range 1.0657-97

Original post on Saxo Bank’s Trading Floor

The USDCAD moved higher overnight, perhaps in an attempt to find warmer weather, even though the FX market seems frozen in place ahead of both the FOMC minutes and Friday’s payrolls data. The EU CPI came out a tad softer than expected at 0.8% y/y which seemed to be ignored by EURUSD traders. Canada releases Trade data and the Ivey PMI. If the PMI surprises to the upside, USDCAD should retest 1.0630 lows. The US trade data is unlikely to spur any trading activity. Asian equity indices were mixed with the Nikkei and ASX200 down while the Eurozone equity indices were all higher as are NY equity index futures. Gold is at $1,238.90 and WTI oil is $93.90

The intraday USDCAD technicals are slightly bullish while trading above 1.0680 looking for a test of resistance at 1.0705-10 area, which if broken, should lead to 1.0735. A move below 1.0680, will lead to 1.0645 and if broken down to 1.0610

Today’s Range 1.0630-1.0705

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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