USD/CAD Open 1.0485-90 Overnight Range 1.0455-1.0500
The USDCAD had a fairly quiet overnight session but traded with a firm bias ahead of weekend, Reuters Michigan Consumer Sentiment Index (forecast 82.8) and Canadian Apr. GDP (forecast 0.1% m/m) Fed speakers including William Dudley, President of the Federal Reserve of NY, have gone to great lengths to assuage markets over the plan to end the stimulus program, going as far as saying “markets got it wrong”, which helped to give USDJPY a boost.
The usual Friday month-end, quarter-end and Half-year end follies may be acerbated today due to the Canada Day holiday on Monday as all those that can will flee from their offices as soon as the 11:00 am fixing and noon rate orders have been dealt with. The gossip suggests that it the fixing flow will be to buy US dollars
The intraday USDCAD technicals are bullish while trading above 1.0470 looking for another test of 1.0550. For today, USD support is at 1.0470, 1.0455 and 1.0430. Resistance is at 1.0510 and 1.0550
And in other news, it’s that time of year again when thousands of teachers flee the stress of their 30 hour work weeks with only a mere 30 days of statutory holidays and Professional Development days since September to ease the crushing burden of their jobs. If only MP’s and MPP’s worked as hard.
Today’s Range 1.0450-1.0550