Loonieviews March 4, 2014


USDCAD Open 1.1070-75 Overnight Range 1.1072-1.1100

The USDCAD hovered above support at 1.1040 and was largely ignored during the overnight session. Surprising no one, the RBA left rates unchanged but repeated that the exchange rate is high by historical standards. The Russia/Ukraine story continued to dominate. Putin’s ended the war games that were taking place beside the Ukraine border which was seen as an easing of tensions. The headlines from his press conference were evidence of a fracture in the space-time continuim providing a glimpse into a a stranger parallel universe. There won’t be much data to trade off of in the North America session leaving political rhetoric as the guiding light. Global equity indices and NY equity index futures are all higher. Gold is 1,337.90 and WTI oil is $103.40.

The short term USDCAD technical are unchanged from yesterday-bearish below 1.1120 with support in the 1.1040-50 area. A move above 1.1120 should see a retest of 1.1160 while a dip below 1.1040 will lead to 1.1010.

Today’s Range 1.1050-1.1110

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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