With the loonie holding onto the 1.09 handle after another attempt lower real money buyers are smelling a bargain and have joined bids just below.

They’re in at 1.0890 & 1.0880 and join the corps who are in from 1.0885, 1.0875, 1.0865, 1.0850, 1.0800.

Spec offers are placed at 1.0920 through to 1.0950, with some stops seen on a break and the corps are offered at 1.0960 to 1.0985 & 1.1000.

I feel that this is another one where time is a factor. This is the third time they’ve had a crack at the level and if we fail again today then that will give buyers the confidence to take it higher.

If 1.0890 does go then it could be a swift trip to 1.0800.

USD/CAD daily chart 10 06 2014

USD/CAD daily chart 10 06 2014