Loonieviews March 25, 2014


USDCAD Open 1.1208-12 Overnight Range 1.1.1192-1.1208

The USDCAD traded narrowly in a rather thin, choppy overnight session. USDJPY looks to have stalled ahead of Japanese year end. The German Ifo data was mixed but largely ignored while a ton of UK data did the same for sterling. The US data out today ( Consumer Conf., Case-Shiller Home Prices, New Home Sales) may support the US recovery story and give the US dollar a bid but speeches from Draghi, Lockhart and Plosser will be watched closely. G-7 sanctions on Russia and Russia’s reaction are also putting a damper on trading volumes

The USDCAD technical are bearish while trading below 1.1230 in the context of a rising uptrend which has stalled within a 1.1140-1.1270 consolidation range. For today, USD support is at 1.1190, 1.1170 and 1.1140. Resistance is at 1.1210, 1.1230 and 1.1270

Today’s Range 1.1180-1.1230

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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