Loonieviews November 4, 2014


USDCAD Open 1.1387-92 Range 1.1342-92

USDCAD has made a new 2014 high and is flirting with 1.1400 on the back of sharply weaker WTI oil prices. (Currently $76.70/bbl). But it’s not just oil. Bank of Canada governor, Stephen Poloz was still in his Dove costume, 3 days after Halloween. He managed to stress his concerns of downside inflation risks while simultaneously repeating that policy risks are balanced in a speech in Toronto. He also noted that Canada’s economic growth was at risk if lower oil prices persist.

The intraday USDCAD technicals are bullish while trading above 1.1280 with the break of 1.1350 and then 1.1380 suggesting further gains to 1.1440 with 1.1550 a nice stretch target. A retreat below 1.1350 argues for further weakness to 1.1290.

Today’s Range 1.1370-1.1440

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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