Loonieviews June 10


LOONIEVIEWS

USDCAD Open 1.0914-18 Overnight Range 1.0892-1.0916

USDCAD snapped a steady overnight downtrend in the early European session, effectively bouncing off intraday support in the 1.0890-95 zone. The Chinese data was mixed; PPI slightly missed and CPI marginally exceeded the forecast. Both Aussie and Kiwi made modest gains with AUDUSD getting added attention on a Morgan Stanley forecast for 1.00 by year end. The drop through support in the 1.3575-80 in EURUSD led to EURCAD selling which helped to take the sting out of the general US strength vs. the majors, slowing USDCAD gains

The intraday USDCAD technicals are bearish while trading below 1.0920 with the overnight bounce from 1.0893 seen as corrective. A move below 1.0905 will remove the intraday upward pressure from USDCAD and refocus on the 1.0890 support area. In the short term, USDCAD will continue to chop between 1.0840-1.0940

Today’s Range 1.0885-1.0925

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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