USD/CAD Open 1.0333-38 Overnight Range 1.0333-1.0393
The CAD$ retreated slightly in Asia trading but then recouped those losses in the European session on the back of rising global equity indices. European sovereign debt default concerns diminished on a good bond auction in Portugal yesterday and on news that Norway’s $450 billion Government Pension fund is buying Greek, Italian Spain and Portuguese debt. Today’s data releases from Canada include: Housing Starts (forecast 185k) Trade Balance (-0.8 billion).The US has: Weekly Claims (forecast 470k), Trade Forecast -47.4 billion.
The short term CAD$ technicals are bullish. Yesterday’s break below 1.0440 negated the upside pressure and suggests further CAD gains to 1.0250. For today USD support is at 1.0330 and 1.0290. Resistance is at 1.0360 and 1.0390.
Yesterday’s BoC rate hike and strong IVEY PMI data sparked the loonies rise and an improved European sovereign debt outlook greased the skids. With commodities higher and NY futures pointing up, the loonie is likely to make further gains today.
Today’s Range 1.0270-1.0350
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