Loonieviews February 4, 2013


LOONIEVIEWS

USDCAD Open 1.1102-06 Overnight Range 1.1064-1.1120

The USDCAD rode a baby roller coaster in a lively overnight session. USDJPY tanked then rallied even as the Nikkei remained under pressure. AUDUSD soared on what was deemed a hawkish RBA statement and hasn’t looked back, yet. USDCAD traders are nervous. Their longer term view is for a much higher currency pair but they are increasingly frightened about additional losses due to extreme oversold Canadian dollar positioning that still remains. There isn’t any Canadian data today to help with their decision. In fact, the USDCAD is likely to bounce around in a 1.1040-1.1120 band until Friday’s US and Canadian employment reports.

The short term USDCAD technical are bearish while below 1.1120 looking for another test of 1.1030-40 support, which if broken could extend losses to 1.0990. a move above 1.1120 would negate the downward pressure and lead to a retest of 1.1180

Today’s Range 1.1070-1.1120

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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