USDCAD Toronto Range 1.0880-1.0905 The Canadian dollar rally paused today and r...

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Squawk / 08 May 2014 at 0:49 GMT

Michael O'Neill

FX Trade Strategist / www.Loonieviews.net

Canada

USDCAD Toronto Range 1.0880-1.0905

The Canadian dollar rally paused today and remained unsure of direction following Yellen's speech. Most reports suggest that the tone was doveish, or even slightly more doveish than expected. The FX reaction was muted probably because Yellen is supposed to be doveish. The end result, as many feared, is the speech did not provide market with anything is the way of new guidance. Meanwhile Russia appears to have dialed back its aggression by agreeing that elections should be postponed and stating that troops have been pulled pack from the border.. USDJPY traders appear to believe Russia but the Americans and the Ukraine, not so much. Not much will happen until after the BoE and ECB announcements although pending China trade data have commodity currency traders on alert.

The short term USDCAD technicals are bearish below 1.0920 looking for additional losses below 1.0850 support, Above 1.0940 risks 1.0850-1.1050 consolidation

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