Loonieviews Feb ruary 6, 2014


USDCAD Open 1.1063-67 Overnight Range 1.1057-80

The USDCAD traded quietly overnight even as AUDUSD powered higher on better than expected Trade data (Gain of A$468 vs. forecast of small deficit). It seems that the CB governor, Steven’s wish for a weaker currency is being trumped by better than expected economic data. The Bank of England left rates unchanged as did the ECB. Draghi’s press conference at 8:30 am may provide clues as to whether the highly anticipated ECB rate cut is merely a fantasy. Canada’s Merchandise Trade report is expected to show another small deficit (-$700 million)

The short term USDCAD technical are neutral within the confines of the 1.1040-1.1120 band. A break either side will extend for another 0.0050 points. For today, USD support is at 1.1060 and 1.1035. Resistance is at 1.1090 and 1.1120

Today’s Range 1.1050-1.1105

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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