Loonieviews March 27, 2014


USDCAD Open 1.1086-91 Overnight Range 1.1079-1.1104

The USDCAD held on to yesterday’s gains while remaining on the sidelines in what was described as a "lively" overnight session. Kiwi caught a bid on better than expected trade data. USDJPY was on a month end, quarter end and year end roller coaster ride. GBP rallied on strong Retail Sales while the EUR was offered on rate cut concerns not unlike what occurred last month ahead of the ECB meeting. US GDP, jobless claims and Pending Home sales may inject additional volatility into FX trading today.

The Intraday USDCAD technicals are bearish while trading below 1.1130 looking to extend losses on a break of the 1.1040-60 support zone. A move back above 1.1130 suggests further gains to 1.1170. For today, USD support is at 1.1080, 1.1060 and 1.1040.. Resistance is at 1.1120, 1.1140 and 1.1180

And in other news, the acting Prime Minister of the Ukraine is ecstatic on the IMF’s decision to provide the Ukraine with $27 billion in emergency funding. Prime Minister Yatseniuk told parliament-"Finally, I can afford to live in the style that my predecessor was accustomed to. Get me a Veyron"

Today’s Range 1.1060-1.1120

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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