Loonieviews March 26, 2014


USDCAD Open 1.1143-48 Overnight Range 1.1126-67

The USDCAD dropped through the first line of support at 1.1140 and flirted with the 2nd level at 1.1120 as a soaring AUDUSD elevated the so-called "commodity currency" bloc. The catalyst was the break of the 200 day moving average in AUDUSD at 0.9140 combined with a seemingly hawkish stance by the RBA governor who also avoided attempting to talk down the currency. Elsewhere, the US dollar traded erratically, fueled by headlines but stayed within recent ranges. Today’s US February Durable Goods report is forecast to rise 1% although Feb. weather wasn’t much different from Jan.

The Intraday USDCAD technicals are bearish looking for a break below 1.1120 to extend losses to the 1.1040-60 zone. A move back above 1.1170 suggests further gains to 1.1210. For today, USD support is at 1.1120, 1.1105 and 1.1080. Resistance is at 1.1170, 1.1190 and 1.1210.

Today’s Range 1.1105-70

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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