U.S. dollar cracks 99-cent barrier
The U.S. dollar traded above 0.9900 against its Canadian counterpart as a shift out of risk currencies from players based in the Far East weaken the loonie. Canadian manufacturing data was out this morning, showing an increase of 1.7% in November to $49.9 billion, the highest level since May of last year, but not enough to lift the currency much higher. Look for the 0.9920-30 area to be a barrier for this move, as good selling of U.S. dollars has been encountered all the way up from Corporate Canadian names. Previous resistance at the 0.9870-80 area will now become support and 0.9825 below. We expect a range today of 0.9862 to 0.9918 The euro remains the currency of choice for the time being as it continues to strengthen in the absence of any news of renewed/ongoing financial turmoil in the region. The euro-Canadian-dollar pairing is holding onto this week’s gains as the pair tested above 1.32 overnight. We expect a range today of 1.3145 to 1.3275 The Sterling is under pressure after U.K. Retail Sales came in better than expected. The Sterling-Canadian-dollar pairing is under pressure as the pair trades in the lower range of yesterday’s price. Resistance now comes in at 1.5800 to cap the topside with the pair opened up to test support at 1.5615 which has been capping the downside since October. The Australian-Canadian-dollar pairing has been trading sideways this week within a range of 1.0362 and 1.0429. The New Zealand-Canadian-dollar pairing is also rangebound, with experts expecting today’s range to stat between 0.8226 and 0.8330. Data Releases CAD: Manufacturing Sales AUD: No data today EUR: No data today GBP: Retail Sales JPY: No data today NZD: No data today USD: Prelim UoM Consumer Sentiment, Prelim UoM Inflation Expectations
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