Loonieviews September 9, 2014


USDCAD Open 1.0982-87 Overnight Range 1.0975-1.1001

USDCAD’s first and second attempt to take out resistance at 1.1000 was thwarted during another active overnight session. The US dollar is in demand across the board in part due to a perception that next week’s FOMC statement will be on the hawkish side as well as bullish technicals since breaking through major support/resistance levels. There isn’t any US or Canadian data due today to change the bullish outlook.

The intraday USDCAD technicals are bullish while trading above 1.0950, supported by the break of resistance at 1.0960 and 1.0990. Arguably, this morning’s retreat from the 1.1000 area is corrective. A break above 1.1000 should extend gains to 1.1020, 1.1035 and 1.1060. A move below 1.0955 targets 1.0940, 1.0915 and then 1.0880.

Today’s Range 1.0960-1.1010

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