USDCAD Open 1.0312-17 Overnight Range 1.0301-1.0341
Originally posted on Saxo Bank’s Trading Floor
USDCAD drifted lower overnight due to a combination of better than expect Aussie and UK data and position trimming ahead of today’s many US data releases.
On tap are: Jobless claims (forecast 335k), July CPI(Forecast 0.2% m/m), Core CPI, (Forecast 0.2% m/m) Empire State survey (Forecast 10.00), July IP (forecast 0.3% m/m) , August NAHB housing market index (Forecast 57)
The short term technicals are bearish while trading below 1.0325,the top of the minor downtrend line from the 1.0360 peak. looking for another test of minor support at 1.0300 and then 1.0270. For today, USD support is at 1.0300 and 1.0270. Resistance is at 1.0340 and 1.0360
Todays Range 1.0300-1.0340