Loonieviews June 26, 2014


USDCAD Open 1.0705-09 Overnight Range 1.0708-22

USDCAD continued its glacial drift lower overnight with the US dollar offered against the majors (except EUR and CHF) on anticipation of month end/quarter end/half year end portfolio rebalancing flows. Cable rallied back above 1.7000 ahead of the FSR and on the back of EURGBP selling. Today’s US data includes Jobless Claims, PCE bookended by two Fed speakers (Lacker and Bullard)

The intraday USDCAD technicals are bullish while trading below 1.0730 supported by the break below previous support at 1.0750. The medium term outlook is bearish USDCAD as well. 1.0728 was the 50.0% retracement of the September 2013, 1.0180 low and the March 2014 peak of 1.1270 which suggests a drop to 1.0600, the 61.8% Fibonacci level. For today, USD support is at 1.0700, and 1.0675. Resistance is at 1.0730 and 1.0750

Today’s Range 1.0790-1.0830

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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