Loonieviews January 30, 2014


USDCAD Open 1.1117-22 Overnight Range 1.1086-1.1124

The USDCAD flirted with 1.1200 in Asian but backed off even though there is widespread US dollar demand due to the EM quasi-panic. Weak Chinese data and another $10 billion in tapering by the FOMC and internal domestic issues has led to selling pressure across the EM space. This shift into risk aversion has added to the loonies negative bias. US data releases include GDP (forecast 3.2% annualized), PCE, jobless claims and Pending Home Sales

The short term USDCAD technical are bullish while trading above 1.1140 which is guarding the uptrend line at 1.1120. A break above the overnight high of 1.1195 should extend gains to 1.1225. For today, USD support is at 1.1160, 1.1140 and 1.1120. Resistance is at 1.1195, 1.1210 and 1.1225

Today’s Range 1.1140-1.1220

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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