Loonieviews May 29, 2014


LOONIEVIEWS

USDCAD Open 1.0858-63 Overnight Range 1.0859-1.0875

The USDCAD causally retreated from Wednesday’s close in a lively Asian session. AUDUSD rallied strongly in part due to a CAPEX report and in part because of general US dollar weakness. USDJPY sank as US 10 year yields dropped to 2.43 percent. Today’s US GDP report is getting a lot of the blame for the position adjustment ahead of the release, despite the fact that the data is stale and backward looking. A number of European markets were closed for Ascension Day holidays which may have exacerbated the moves. The Canadian Current Account data is also out today, expected to show further narrowing of the deficit which should provide a little support to the loonie.

The intraday USDCAD technicals are mixed within the current 1.0840-80 trading band needing a break either side to extend gains or losses by another 0.0040 points.

Today’s Range 1.0840-1.0880

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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