Loonieviews July 8, 2014


USDCAD Open 1.0684-89 Overnight Range 1.0678-1.0690

USDCAD managed to hang on to yesterday’s gains overnight although activity was light. NZDUSD gained on news that Fitch affirmed New Zealand at AA and upgraded the outlook from stable to positive. Sterling was tarnished on weaker than expected Industrial production data which managed to squeeze weal long GBPUSD positions. There isn’t much in the way of data from Canada or the US today leaving the World Cup semi-finals to provide this afternoons entertainment. Go Brazil!

The intraday USDCAD technicals are bullish while trading above 1.0670 but need to break above 1.0690 resistance to extend gains. If it happens, resistance will be found at 1.0715, 1.0730 and 1.0750. A move below 1.0670 argues for a revisit of the 1.0630-40 area.

Today’s Range 1.0650-90

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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