Loonieviews March 3, 2014


USDCAD Open 1.1094-99 Overnight Range 1.1040-1.1097

The USDCAD taxied higher in an orderly fashion throughout the overnight session undermined by sales of CADJPY, CADCHF and CAD against GBP and EUR on a tepid shift into risk aversion mode due to Russia’s takeover of the Crimea. As callous as it seems the Russia/Ukraine events are merely a regional dispute, not unlike the entire Middle East, and will be merely a distraction ahead of this week’s RBA, BoC, BoE and ECB meetings and employment reports. Global equity indices are all lower including NY equity index futures. WTI oil is $104.30 and Gold is $1,345.00

The intraday USDCAD technicals are bullish with the move back above resistance in the 1.1070-80 zone which paints a target directly on the 1.1120-40 area. Ignoring the intraday chop, the USDCAD is stuck in a 1.1040-1.1180 trading band. For today, USD support is at 1.1090 and 1.1060. Resistance is 1.1120, 1.1140 and 1.1160

Today’s Range 1.1090-1.1140

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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