USD/CAD Open 1.0377-82 Overnight Range 1.0306-1.0389
The Canadian dollar’s post FOMC rally proved short lived and the loonie gave back yesterday afternoons gains overnight. Risk aversion has returned to the markets following a rather dovish FOMC statement, another round of quantitative easing and re-emerging concerns that China’s economy is slowing. A surging JPY, reaching 14 year highs is also weighing on the loonie with sales of CAD/JPY triggered on the break of 82.60. Global equity indices are down as are NY futures. Oil is back below $80.00/bbl trading at $79.45.
The short term Canadian dollar technicals are bearish however the USD/CAD rate is bumping up against strong resistance at 1.0390. A break here, will lead to 1.0470. A move below 1.0280 suggests further consolidation in a 1.0150-1.0400 range.
Today’s Range 1.0310-90
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