Loonieviews April 2, 2014


USDCAD Open 1.1010-15 Overnight Range 1.1010-40

The USDCAD stayed within yesterday’s range overnight however the early North American traders are hitting bids in an effort to test support in the 1.0990-1.1010 zone. NZDUSD got whacked on news that the Global Dairy Trade auction prices dropped 8.9%, falling from 0.8690 to 0.8565. The UK and Eurozone data was on the soft side but not soft enough to shake those currency pairs out of their comfort zone. The markets are expecting big things from Friday’s NFP data so today’s ADP employment report will get extra scrutiny. There is no Canadian data released which will likely reinforce support for USDCAD at 1.1010

The Intraday USDCAD technicals are modestly bearish while trading below 1.1040 but need to break through support in the 1.0990-1.1010 area to extend losses to 1.0940. A break above 1.1060 would negate the downward pressure and lead to further 1.1010-1.1090 consolidation until Friday. For today, USD support is at 1.1010, 1.0990 and 1.0940. Resistance is at 1.1040-1.1060 and 1.1090

Today’s Range 1.1010-60

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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