TV

John J Hardy
FX markets were eagerly anticipating the latest minutes from the FOMC, but in the end traders appeared to be looking the other way, says Saxo Bank’s John Hardy. The minutes revealed that the FOMC had a robust debate about a possible rate hike in June and that helped the positive outlook for USD.
Squawk / 12 May 2014 at 23:50 GMT
FX Consultant / IFXA Ltd
Canada
USDCAD Toronto Range 1.0877-1.0900

The Toronto session was uninspiring and not just for USDCAD. Tonight's Aussie budget news may give AUDUSD some legs if the tax and slash ideas are implemented. Other traders are awaiting Eurozone data to see if any of it help to confirm Draghi's hint of "action" in June. The Bank of Canada releases its quarterly review Tuesday afternoon which could give the loonie a lift if anticipated optimism materializes and the BoC governor refrains from his penchant to discuss rate cuts.

The intraday USDCAD technicals are bearish while trading below 1.0930, a level being guarded by resistance at 1.0915. A break above 1.0930 suggests that a short term bottom is in place in the 1.0805-20 zone, and would look for a retest of 1.1040. A move through the 1.0805-20 support area opens up a move to the 200 day moving average at 1.0712.
13 May
Raymondscott Raymondscott
This comment has been redacted

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