Loonieviews June 24, 2014


USDCAD Open 1.0725-29 Overnight Range 1.0720-30

USDCAD traded sideways in Asia while EURCAD demand offset GBPCAD selling in Europe leaving USDCAD going nowhere. The BoE’s Mark Carney delivered a somewhat contradictory message to the Treasury Select Committee from his Mansion house speech last week on the course of interest rate hikes sparking a wave of GBPUSD selling. Stretched long cable positions contributed to the drop. The focus shifts to the US data releases which include Housing Price Index, Consumer Confidence, and New Home Sales Change. Collectively, positive data prints should provide the US with some support.

The intraday USDCAD technicals are modestly bullish within a short term downtrend from last week at 1.0880. A break above 1.0730 targets 1.0750 and then 1.0780. A move below 1.0715 puts 1.0690 in play

Today’s Range 1.0820-60

Categories FX, Foreign Exchange, Currency, Canadian Dollar

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

search previous next tag category expand menu location phone mail time cart zoom edit close