USD/CAD Open 1.0466-71 Overnight Range 1.065-1.0525
The Canadian dollar drifted modestly from the close in early Asia and then mirrored the rise in AUD/USD, having a peak at the strong support in the 1.0440-60 area. ECB President Draghi’s speech today warned that risks were still there and said that monetary policy would remain accommodative, undermining the EUR/USD. Obama’s greenhouse speech gave both sides of the Keystone Pipeline cause to celebrate. Expectation management by Fed speakers recently have served to calm markets somewhat and officials from the PBOC did the same overnight regarding Chinese liquidity. Global equity indices all rose, including NY equity index futures. Gold is $1,232.40 and WTI oil is $95.24. Today’s US Q1 GDP data is expected to be 2.4% annual.
The short term USD/CAD technicals mixed for the day. A break above 1.0490 sets up a move back to 1.0530. A move through support at 1.0440-60 sets up a test of 1.0390.
And in other news, former Ontario Premier and accomplished liar testified before a committee investigating the closure of two gas plants and deletion of all emails pertaining to the closure. He explained the deletions away stating that that the record keeping law was “too vague” and that the committee is “Partisan”. Left unsaid was “I may be incompetent, I may be a liar, but MY pension is intact”
Today’s Range 1.0450-1.0530