Loonieviews February 26, 2014


USDCAD Open 1.1076-80 Overnight Range 1.1074-1.1096

USDCAD traded choppily in a narrow band consistent with the trading patterns of the other majors. In Asia, although the CNY fix was higher again, FX markets were less jittery believing it to be more of a mechanical adjustment rather than sign of economic weakness. The UK data provided fodder for the European session but it proved to be distracting rather than directional. The North American session is poised to mirror the overnight moves due to a lack of meaningful data ahead of key European and US data on Thursday. Gold is at $1,340. 50 and WTI is $102.60

The intraday USDCAD technicals are bearish while trading below 1.1090 looking for a break of 1.1050 to extend losses to 1.1000-10. A move above 1.1090 targets 1.1120. For today, USD support is at 1.1070, 1.1050 and 1.1020. Resistance is at 1.1090, 1.1110 and 1.1140

Today’s Range 1.1060-1.1110

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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