Loonieviews February 11, 2014


LOONIEVIEWS

USDCAD Open 1.1045-49 Overnight Range 1.1044-1.1086

The USDCAD rose during the Asian session, taking out stops above 1.1065 but faded near the bottom of the resistance zone at 1.1090 and retreated during the European session. AUDUSD rallied on better than expected data including rising housing prices and managed to extend gains in Europe. The US dollar is a tad softer ahead of the Yellen testimony. Global equity indices and NY equity index futures are all higher. Gold is $1,235.00 and WTI oil is $100.30/bbl.

The short term USDCAD technical are bullish while trading above 1.1040 within the context of a 1.0980-1.1120 trading band. A move below 1.1040 will target 1.0990. A move above 1.1090 will see a test of 1.1120 and then 1.1160. For today, USD support is at 1.1040, 1.1020 and 1.0990. Resistance is at 1.1090, 1.1120 and 1.1160

Today’s Range 1.1020-90

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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