FX Morning Update November 3, 2011

USD/CAD Open: 1.0118-20 Overnight Range: 1.0104-1.0217

The Canadian dollar was volatile overnight. Yesterday’s FOMC meeting had little new news and the FED continued to indicate they are ready to do more. Oil is at $93.28 and gold is at $1,755. NY futures are pointing higher today. Today, US jobless claims and ISM non-mfg. data are released. G20 meetings and ECB rate decision outlook could also cause headlines.

The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.0213 and 1.0260. Support is at 1.0131, 1.0031, and 0.9980.

A Greek referendum is looking less likely and this has sparked a rally in the Euro and the loonie vs. the USD. It is also reported that the Greek PM may resign causing confusion but this could prevent a referendum. Merkel and Sarkozy have indicated that Greece would be out of the eurozone if they didn’t accept the eurozone plan. The focus continues to be Greece and the removal of a referendum would be positive for the loonie, while further delays and a chance of Greece rejecting the eurozone plan would be USD positive. The Canadian dollar remains at the mercy of global forces.

Today’s Range: 1.0055 – 1.0185

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By Admin | November 3, 2011 | Daily Update | 0 comments