Dollar pairing still finds resistance
The U.S.-Canadian-dollar pairing continues to find resistance at the 1.0100 level with more and more players looking to lighten their load of American bucks at or near that level. Another immediate move higher will need the assistance of continued weak data, which may come in the form of Thursday’s Gross Domestic Product or next week’s Canadian employment data. Until then, a suggested range would see support coming in at or near the 200-day moving average, currently sitting at the 0.9985-95 area, while resistance remains at 1.0100. We expect a range today of 1.0025 to 1.0075 Canadian The Euro-Canadian-dollar pairing is stalling as the pair retraced slightly after testing 1.3600 Canadian again yesterday. The continental currency remains bullish against the loonie On the data front, German consumer confidence improved slightly as expected but Import Prices fell more than forecast. We expect a range today of 1.3450 to 1.3600 Canadian The Pound Sterling is better supported today on constructive comments by U.K. Monetary Policy Committee member Daviod Miles in which he commented on the U.K.’s improved outlook for growth. Main event risk comes from this Friday’s manufacturing Purchasing Managers' Index. The Pound Sterling-Canadian-dollar pairing found support near the 1.5800 level while resistance comes in at 1.5930 on the topside. The Australian-Canadian-dollar pairing is also better supported on strong confidence data. The 1.0550 Canadian level continues to cap the pair’s upside movement while support comes in at 1.0470 on the downside. The New Zealand-Canadian-dollar pairing is taking a pause from its upside move this week after the pair traded to a new high of 0.8467 Canadian last week. The pair dipped down to 0.8350 yesterday where it found support for the time being. Data Releases CAD: No data today AUD: No data today EUR: GfK German Consumer Climate, German Import Prices GBP: No data today JPY: Retail Sales NZD: Building Consents USD: S&P/CS Composite-20 HPI, CB Consumer Confidence
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