Loonieviews April 15, 2015


USDCAD Open 1.0990-95 Overnight Range 1.0960-1.0998

USDCAD traded quietly in the 1.0990-1.1010 resistance zone feeling a tad bid ahead of the Bank of Canada statements and MPR tomorrow. The degree doveishness in the reports will be key. Meanwhile the US dollar is struggling for further gains against the majors and on full alert ahead of today’s Fed speakers, including Janet Yellen. Data wise, US CPI and NAHB housing index are due as well as Canada Manufacturing Shipments. Gold is $1,305.90 and WTI oil is $103.11

The intraday USDCAD technicals are bullish while trading above 1.0970 but facing resistance in the 1.0995-1.1005 area which is guarding additional resistance between 1.1020-40. A break above 1.1040 leads to 1.1070 while a move below 1.0970 suggests a retest of 1.0910. For today, USD support is at 1.0970 and 1.0950. Resistance is at 1.0995, 1.1010 and 1.1020

Today’s Range 1.0950-1.1010

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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