Loonieviews January 13, 2013


USDCAD Open 1.0910-15 Overnight Range 1.0893-1.0925

Original post on Saxo Bank’s Trading Floor

The USDCAD remained elevated and unloved in an overnight session that saw the US dollar remain on the defensive vs. the rest of the majors due to ongoing fallout from Friday’s weak NFP report. USDJPY got whacked extra hard but that was likely due to a stop hunting safari taking place while Japan took a day off to celebrate coming of age day. There isn’t any US data of note today, which will keep the weak NFP data in the spotlight. The BoC quarterly business outlook survey is released today and with luck, it won’t paint as negative a picture of the economy as the Canadian employment data did. Gold is $1,245.80 and WTI oil is $92.07/bbl

The short term USDCAD technicals are bullish while trading above 1.0870, looking for break of the Friday high of 1.0945 to extend gains to 1.1000. The 1.0990-1.1010 level will be extra sticky due to option strikes and barriers. A move below 1.0870 leads to 1.083 and 1.0790

Today’s Range 1.0890-1.0950

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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