Loonieviews September 16, 2014


USDCAD Open 1.1056-60 Overnight Range 1.1040-1.1069

USDCAD went along for the ride in a news and data filled overnight session. It began in Australia when the RBA was seen to be on the "hawkish" side for noting concern about rising house prices and the release of an internal report stating that the AUDUSD was overvalued. The Euro ignored an ugly ZEW Economic sentiment survey while sterling dropped on referendum nervousness.

Geopolitical tensions were dialed back on a report that Ukraine will give more autonomy to the eastern regions. Obama’s grand coalition to fight ISIS is struggling to find agreement among their Arab partners who don’t trust each other or the USA.. Looking ahead, the BoC governor, Stephen Poloz’s speech on "exchange rates.." may undermine the loonie in the afternoon session.

The intraday USDCAD technicals are bullish while trading above 1.1020 and looking for another break of 1.1070 to extend gains to 1.1125. For today, USD support is at 1.1035 and 1.1020. Resistance is at 1.1070, 1.1105 and 1.1120

Today’s Range 1.1030-1.1105

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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