Loonieviews May 6, 2014


USDCAD Open 1.0937-42 Overnight Range 1.0937-57

The US dollar sank under pressure overnight although volumes were reportedly not all that heavy. Kiwi and Cable gained the most while the loonie almost reluctantly probed support in the 1.0940 area. It seems that regional events were the drivers. NZDUSD traders may have taken advantage of another Japanese holiday to trigger weak stops above 0.8700. The RBA was a non event, rates and statement unchanged, and AUDUSD followed kiwi higher. GBPUSD rallied on strong PMI data and EURUSD rose on expectations of inaction by the ECB on Thursday. USDCAD may have additional downside today if the Trade and IVEY PMI data surprise to the upside.

The intraday USDCAD technicals are bearish while trading below 1.0980 supported by the move through support at 1.0940 which opens up a test of 1.0905 and then 1.0880. For today, USD support is at 1.0910, 1.0900 and 1.0880. Resistance is at 1.0950, 1.0980 and 1.1010

Today’s Range 1.0890-1.0950

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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