USDCAD Open 1.0413-17 Overnight Range 1.0400-1.0437
The USDCAD is locked in a 1.0400-40 trading band undecided whether to move higher or lower. Some of the confusion may stem from the BoC’s removal of this phrase (some modest withdrawal will likely be required) from yesterdays statement.
With the overnight rate at 1% and signs that the US economy is on an upswing, I think that there is little to ) chance of a Canadian rate cut.
WTI oil prices continue to stay firm (currently $106.60/bbl) which should not only cap USDCAD strength, but drive it lower toward support in the 1.0240-80 zone.
For today, USD support is at 1.0400 and 1.0360. Resistance is at 1.0440 and 1.0460.
For more-,go to Saxo Bank’s Trading Floor