Loonieviews January 15, 2014


LOONIEVIEWS

USDCAD Open 1.0960-65 Overnight Range 1.0950-1.0989

Original post on Saxo Bank’s Trading Floor

The USDCAD closed with a bid tone in Toronto yesterday and followed through to the upside during the Asian session, flirting with 1.1000, but not even getting to first base. The US dollar made gains vs. all of the majors, although the recent ranges stayed intact. AUDUSD traded down ahead of today’s employment report, USDJPY rose as the Nikkei gained 2.5% leading Global equity indices higher. It is another day of secondary data from the US, so expect more of the same in FX trading. Gold is $1,238.70 ad WTI is $93.05/bbl.

The short term USDCAD technicals are bullish while trading above 1.0930 but facing strong resistance in the 1.0990-1.1010 area. A move below 1.0930 risks a drop to 1.0890 and then 1.0860. For today, USD support is at 1.0930 and 1.0990. Resistance is at 1.0990 and 1.1010.

Today’s Range 1.0930-90

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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