Loonieviews September 23, 2014


LOONIEVIEWS

USDCAD Open 1.0998-03 Overnight Range 1.0990-1.1046

Commodity Bloc currencies are bouncing on the China trampoline; down on weak data and higher on stronger data. Last night was no exception. Slightly better-than-expected HSBC PMI data (Actual 50.5 vs. forecast 50.0) kept the Loonie in demand throughout the European session. Mixed Eurozone data was largely ignored. There was plenty of action but mostly militarily. The USA and friends launched bombing and missile strikes at ISIS bases in Iraq and Syria while Israel shot down an interloping Syrian fighter jet.

Canada serves up July Retail Sales data today which is expected to surpass forecasts of 0.5% and 0.0% for Core. If so, look for a test of 1.0950.

The intraday USDCAD technicals are bearish while trading below 1.1015 with a move through 1.0990 putting 1.0950 in play. A break above 1.10230 argues for further topside gains to 1.1050.

Today’s Range 1.0950-1.1020

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