Loonieviews March 11, 2013


LOONIEVIEWS

USDCAD Open 1.1117-22 Overnight Range 1.1105-29

The USDCAD and the rest of the majors are struggling to find a reason for being with currencies confined to tight ranges, a fate likely in store for the North American session. There isn’t any US or Canadian data of note until Thursday which will force traders to seek inspiration elsewhere. Today’s JOLTS report, reportedly a favorite Yellen barometer, is released which in the absence of anything else, could create a stir.

The short term USDCAD technical are neutral while trading within the 1.090-1.1130-50 zone. A break either side of this range should extend for another 0.0040 points. USDCAD positions are still very long and the momentum indicators are mixed. Longer term, USDCAD remains in an uptrend while trading above.

Today’s Range 1.1090-1.1130

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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