A double whammy for CAD. No QE3 and outlook lowered. A close at these levels is bullish.
Running up into offers 0.9960/75 with stops apparently through the topside The loonie trades around 0.9960
August sa CPI +0.3% m/m, +0.1% in July (unch) August consumer prices +0.3%m/m (July +0.2%), +3.1 % y/y USD/CAD eases 15 pips on the release
According to the US Geological Survey.
June GDP +0.2% m/m vs May -0.3%m/m Q2 real GDP -0.1% vs Q1 +0.9% (rev from +1%) Small bounce to 0,.9790 quickly returns to pre-release levels around 0.9770
USD/CAD having another attempt to break back up through the 200 day MA at 0.9796, having failed to close above it again yesterday. High today has been 0.9808, with resistance seen up at 0.9830/35 (Mon high 0.9833). Bids towards 0.9755/60
The Canadian dollar is playing catch-up with its commodity cousins today. The US consumption data is especially good for Canadian exporters and USD/CAD fell as low as 0.9747. A break below 0.9742 would point to a move back to 0.9600. … Continue reading