USDCAD Open 1.0342-47 Overnight Range 1.0342-1.0367
Original post on Saxo Bank’s Trading Floor
INTRA-DAY USDCAD had a peek above 1.0350 resistance in follow through buying on the back of the US retail sales report. In addition, the failure of the USDCAd to extend losses below 1.0270, encouraged short term traders to take profit.
The outlook for today is more of the same with the USDCAD maintaining a "buy on dips" profile with US PPI and more Fed speakers on tap.
The short term technicals are neutral, needing a break either side of 1.0340 or 1.0360 to set up the next 30 points. Below 1.0340 suggests 1.0310 and above 1.0360 points to 1.0400. the bigger picture isn’t a lot better with the 1.0270-1.0440 range likely to prevail
Todays range 1.0310-1.0360