USD/CAD Open: 1.0285-87 Overnight Range: 1.0265-1.0363
The Canadian dollar continued to soar vs. the USD. Overnight, Fitch changed the US outlook to negative but there has been no reaction. Oil is at $98.48 and gold is at $1,713. NY futures are pointing higher today. Today, US consumer confidence data is released.
The short term Canadian dollar technicals remain negative. For today, USD resistance is at 1.0320, 1.0370, and 1.0430. Support is at 1.0274 and 1.0220.
A rumor that eurozone countries are willing to have their budgets watched and tracked more closely by central policymakers could be creating a risk-on trade. Another Eurobond possibility rumor is also circulating, something Germany is against. Long USD positions are being rolled back quickly exacerbating the moves. The Canadian dollar is going along for the ride following gains in the S&P 500 closely. Eurozone finance ministers are meeting over the next few days to approve Greece’s next tranche of funds, something that could jitter markets if it doesn’t go according to plan. Loonie bulls are waiting for more good news out of Europe that policymakers have a strong will and policy to fight this debt crisis, while USD bulls argue that we have heard all this before and this is not going to be solved overnight without any severe pain for banks and other debtholders. Look for the loonie to follow equity markets directionally as it has been doing of late.
Today’s Range: 1.0250 – 1.0350
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