Loonieviews October 7, 2014


USDCAD Open 1.1173-77 Overnight Range 1.1132-1.1185

There wasn’t any follow-through selling in USDCAD overnight following yesterday’s steep plunge. Instead, Asian traders started buying right from the open and the currency pair bounced around within a 1.1135-85 range opening in Toronto near the overnight high. The dollar’s performance against the Loonie was similar to the rest of the G-7 except the AUD squeaked out a small gain. The RBA statement was a non event while the BoJ and the Japanese PM made noises alluding to the low value of the JPY. German Industrial Production data was soft, contrasting with good UK data.

There are a few Fed speakers on tap (Kocherlakota, Dudley) as well as the JOLTS report which may provide some trading fodder in the absence of anything better.

The intraday USDCAD technicals are bullish above 1.1140 supported by the break of 1.1160 which was the top of the downtrend line from 1.1270. A break of resistance in the 1.1180-90 area will extend gains to 1.1220. For today, USDCAD support is at 1.1145 and 1.1120. Resistance is 1.1180 and 1.1220

Today’s Range 1.1145-1.1220

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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