Loonieviews October 14


USDCAD Open 1.1251-55 Range (including Monday) 1.1173-1.1255

USDCAD exploded higher in Europe during a volatile overnight session. The assistant governor of the RBA took verbal shots at the “high Aussie dollar” stating that it should fall further. It did. USDJPY dipped below support at 107.00. The EURUSD was both coming and going; rallying in Asia and sinking in Europe. Weak German ZEW data contributed to the sell-off. Not to be outdone, Cable just sank and soft inflation data was only part of the reason. There isn’t any US or Canadian data of note suggesting further churning within the confines of the overnight ranges.

The strong Canadian employment report has been completely ignored, overshadowed by fears of a global economic slowdown and falling oil prices.

The intraday USDCAD technicals are bullish above 1.1200, supported by the break above resistance in the 1.1220-30 area. A break of the triple top resistance at 1.1270-80 could see a spike to 1.1550. For today, USD support is at 1.1220 and 1.1190. Resistance is at 1.1255, 1.1270-80 and 1.1330

Today’s Range 1.1220-80

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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