The London session was extremely quiet as the Easter holiday slows things down substantially across the pond. Equity marts were closed and notable economic data was non-existent, to boot. This made for some fireworks as soon as the NY session rolled in.

EUR/USD was little changed around the 1.3210 area but was subsequently higher in early NY as a burst through the 1.3220 and 1.3250/55 short-term barriers saw the pair explode higher. The 200hr SMA now sits just above 1.3300 and looks like the next hurdle to upside here. The yen crosses also saw little movement in London with USD/JPY sitting by 100.50 and EUR/JPY near 132.80 by the NY open.

The NY session now sees little in the way on economic events with the Bank of Canada Senior Loan Officer Survey the clear highlight at 1030am ET. This should provide some color on lending conditions north of the border. Look for a weak report to elicit a higher USD/CAD and vice versa. The 1.2200/1.2180 zone still looks like critical support here and an earnest break below could see another quick spill in the pair.

Upcoming Economic Data Releases (NY Session) prior expected

  • 4/13 14:30 GMT CA Business Outlook Future Sales 1Q -34 - -

  • 4/13 14:30 GMT CA BoC Senior Loan Officer Survey 1Q 75.8 - -