Loonieviews October 30,2014


USDCAD Open 1.1187-91 Range 1.1185-1.1221

USDCAD consolidated yesterday’s post FOMC gains but remained below resistance in the 1.1220 area even as the dollar extended gains against EUR and JPY. BoC governor Poloz took a doveish tact in a speech to the Senate Banking Committee but since it was at the end of the day it was mostly ignored and had little to zero impact on USDCAD. The RBNZ Bank governor was also cooing like a dove removing its tightening bias and admitting to insignificant intervention (NZD$30 million). US GDP is on tap.

The intraday USDCAD technicals are bearish while trading below 1.1220 but needing a move below hourly support at 1.1180 to extend losses to 1.1140. Above 1.1220 leads to 1.1260 and then 1.1290. Below 1.1140 points to 1.1120 and then 1.1070

Today’s Range 1.1160-1.1240

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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