Loonieviews April3, 2014


USDCAD Open 1.1010-15 Overnight Range 1.1013-1.1034

The USDCAD opened right where it opened yesterday in a quiet overnight session as the FX market awaited the monthly Mario Draghi show. Once again, he failed to meet the expectations of many global bank economists and regurgitated the same old, same old. Mr. Draghi continues to tease traders with opaque references to the use of "unconventional tools" while stating that the economy is unfolding as forecast. Such being the case, it will be up to tomorrow’s NFP and to provide some US dollar direction, otherwise the current FX ranges will hold throughout April.

The Intraday USDCAD technicals are neutral within the 1.1000-1.1040 band. A bove 1.1040 risks 1.1080 while below 1.0990 risks 1.0940.

Today’s Range 1.1010-40

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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