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Canadian Dollar (USDCAD) Range Bound as Commodities Slip
Tuesday, 11 November 2008 04:48:29 GMT
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Canadian Dollar (USDCAD) has been range-bound in Asian trading, caught in a 1.1926-1.1993 trading band, with good selling interest still emerging toward 1.2000 on rallies. Commodities have been weaker today in Asian trading, helping to pressure the CAD with the WSJ warning about commodity currencies, adding to negatives for the Loonie. News that more miners, including Alcoa and Xstrata are cutting production is also negative for CAD. Corporate confidence has slumped in Q3 according to the Conference Board of Canada with confidence falling by 13.5 pts to 78 pts a dropping for the fifth quarter in a row. 1.2025 and 1.2065-70 are resistance levels with support on dips to 1.1850 and 1.1750.
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