FX Morning Update September 15, 2011
USD/CAD Open: 0.9886-89 Overnight Range: 0.9885-0.9952
The Canadian dollar continued to swing around within its recent trading range in overnight trading looking for direction. Yesterday, US retail sales data was flat. Overnight, Eurozone inflation was in line with expectations. NY futures are pointing higher. Oil is at $89.22 and gold is at $1,802. Canada releases manufacturing sales data and the US releases CPI, philly fed, and jobless claims data today. Bernanke and ECB President are expected to speak today.
The short term Canadian dollar technicals remain negative targeting parity but the USD/CAD has traded sideways over the last several weeks and is back in its sideways trading range of 0.9750 to 0.9975. For today, USD resistance is at 0.9950, 1.0025 and 1.0060. Support is at 0.9850, 0.9797, and 0.9700.
France and Germany reiterated their support for Greece and indicated they are “convinced” that Greece will remain in the eurozone. Greece pledged to meet their austerity commitments. Much of the same rhetoric to boost confidence by the same players. Data releases are plentiful and the USD/CAD should remain in its trading range as long as data isn’t extremely weak. Nevertheless, the markets seem focused on European headlines as the dominant theme. Look for the loonie to continue its sideways trading moving based on eurozone headlines and confidence or lack thereof on how the issues in Greece will be resolved.
Today’s Range: 0.9840 – 0.9940
Daily Market | Knightsbridge Foreign Exchange
By Admin | September 15, 2011 | Daily Update |
0 comments