Loonieviews Februiary 24, 2013


USDCAD Open 1.1108-13 Overnight Range 1.1105-1.1140

USDCAD trading to start the week has just been noise with North American opening back to where it started in Asia. The EURUSD is also back where it started in Asia, unable to hold gains despite decent German IFO data with comments from ECB’s Draghi weighing on the currency. GBPUSD and EURUSD traders are still trying to figure out the Vodafone/Verizon flows which get paid on Mar.4 and Mar.10. It is likely to be a choppy week ahead of key data releases from Eurozone, the US and Canada.

The intraday USDCAD technicals are bearish while trading below 1.1225 with a break of 1.1090 extending losses to 1.1070 and then 1.1030. A move above 1.1130 targets 1.1160 and then 1.1190.

Today’s Range 1.1090-1.1140

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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