Loonieviews August 12, 2012


USDCAD Open 1.0943-47 Overnight Range 1.0922-45

USDCAD drifted higher overnight, caught up in the general demand for US dollars vs. the majors. Soft housing data from NZ put downward pressure on NZDUSD while USDJPY has recovered all its losses from Thursday’s sell off. EURUSD took it on the chin on very weak Eurozone and German ZEW data. The lack of US data today will likely mean a quiet North American session. There is a lot of data from China on tap for tomorrow which may help the commodity currency bloc. Wednesday’s UK employment report and the BoE Quarterly Inflation Report are tomorrow’s macro highlights.

The intraday USDCAD technicals are bullish while trading above 1.0935 looking for a break of 1.0950 to extend gains to 1.0990. A move below 1.0935 will lead to another test of the 1.0915-20 area. For today, USD support is at 1.0935 and 1.0920. Resistance is at 1.0950 and 1.0970

Today’s Range 1.0920-60

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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