USDCAD Open 1.0307-12 Overnight Range 1.0283-1.0312
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USDCAD kicking off the week in what could prove to be close to the middle of the range if 1.0250-1.0350 prevails. The US dollar is generally bid against the majors ahead of a mess of US data releases this week. The Canadian dollar has shrugged off the nasty 39.4k drop in jobs and has garnered a modicum of support from the reduction of speculative IMM positions last week.
Intra-Day, the USDCAD technicals are neutral within the 1.0250-1.0350 range. USD Bulls point out that initial support at 1.0270 has held and a break of 1.0320 will lead to 1.0350. USD bears view the bounce from 1.0270 as merely corrective, expecting 1.0320 to cap the topside, looking for another run at 1.0270
Today’s Range 1.0270-1.0320