Loonieviews January 20, 2014


LOONIEVIEWS

USDCAD Open 1.0946-50 Overnight Range 1.0932-67

Original post on Saxo Bank’s Trading Floor

The USDCAD started soft in Asian, caught up in the minor euphoria following the release of Chinese GDP, IP and Retail Sales which led to gains in AUDUSD and NZDUSD as well. The gains were short lived as the data was mostly as expected. Thin markets likely exacerbated the moves as well. The European session proved to be uninspiring and the lack of US data this week coupled with the US Martin Luther King holiday today argues for more of the same during the North American session. Asian equity indices closed down while European equity indices were mixed to flat. Gold is $1,254.70 and WTI oil is $93.72

The intraday USDCAD technicals are bearish while trading below 1.0955-60 supported by the break below the short term rising trend line from January 6 at 1.0940-50. However, the downside is limited by support at 1.0920 and 1.0900. A move below 1.0900 suggests a test of 1.0840. A move back above 1.0960 will see another test of 1.0990.

Today’s Range 1.0920-60

Categories FX, Foreign Exchange, Currency, Canadian Dollar

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

search previous next tag category expand menu location phone mail time cart zoom edit close