Loonieviews January 28, 2014


USDCAD Open 1.1117-22 Overnight Range 1.1086-1.1124

The USDCAD continues to probe topside resistance in the 1.1120-30 zone as the typhoon surrounding China’s so called "shadow banking" default risk proves to be a mere tempest in a teapot. A strong US Durable Goods report this morning will help to keep the US dollar bid ahead of tomorrow’s FOMC meeting. Asian equity indices closed slightly lower but European indices and NY equity index futures are higher. Gold is $1,254.10 and WTI oil is $96.17/bbl.

The short term USDCAD technical are bullish while trading above 1.1080 with a decisive break above resistance at 1.1130 pointing to a retest of 1.1170. A move below 1.1080 suggests an dip to 1.1030. For today, USD support is at 1.1110 and 1.1080. Resistance is 1.1140 and 1.1170

Today’s Range 1.1100-50

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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