Loonieviews March 19, 2014


USDCAD Open 1.1148-52 Overnight Range 1.1125-1.1175

The loonie spent the overnight session grooming its feathers following yesterdays severe plucking which may be for naught as the crumbling of resistance in the 1.1150-60 zone warns of further USDCAD gains. Yesterday, the BoC governor’s dovish speech, the resignation of the Finance Minister and the uncertainty surrounding today’s FOMC meeting combined to rally USDCAD which is continuing this morning. Meanwhile the rest of the FX majors were fairly quiet (except GDP) ahead of today’s FOMC meeting. GBPUSD rallied on better than expected data. Gold is at $1,348.70 and WTI oil is $99.64

The short term USDCAD technical are bullish. The break above resistance at 1.1090 and 1.1120 confirms that a double bottom is in place at 1.1025. The move above 1.1160 puts the bull’s-eye on 1.1220 and the 1.1240-60 resistance area and if broken 1.1550. For today, USD support is at 1.1120 and 1.1090. Resistance is 1.1190 and 1.1220

Today’s Range 1.1120-1.1220

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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