Loonieviews March 28, 2014


USDCAD Open 1.1012-17 Overnight Range 1.1004-1.1030

The USDCAD edged lower in overnight trading despite AUDUSD and NZDUSD being fairly active in Asia. EURUSD was offered on soft Spanish CPI data which elevates concerns over next week’s ECB meeting. The March Reuters/Michigan Consumer Confidence Index (forecast 80.8) will give the US dollar a lift if it beats forecasts. This has been a relatively volatile week for the G-7 currencies, particularly AUD, NZD and CAD suggesting the recent gains may get consolidated ahead of the weekend.

The Intraday USDCAD technicals are bearish while trading below 1.1040, looking for a break of support in the 1.0990-1.1000 area to extend losses to 1.0940. A move above 1.1040 suggests a return to 1.1080.

Today’s Range 1.0990-1.1040

Categories FX, Foreign Exchange, Currency, Canadian Dollar

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

search previous next tag category expand menu location phone mail time cart zoom edit close