USDCAD Open 1.0380-84 Overnight Range 1.0484-1.0425
Original post on Saxo Banks Trading Floor
The USDCAD traded defensively overnight as it musters courage to test the major 1.0365-70 support zone in a week extremely light on market moving data. China had an improved trade balance supporting the longer term view of global recovery and Japan was awarded the 2020 Olympics. Obama will be making an all out effort to convince historians that he wasn’t a complete failure as president when he attempts to build consensus to bomb Syria, channelling his inner George W Bush. USDCAD traders are likely still long US dollars which will keep the near term bias focused on the downside.
The short term USDCAD technicals are bearish wile trading below 1.0440 but need a break of 1.0365 to extend losses to 1.0270 Only a move back above 1.0480 will negate the downside pressure and lead to further 1.0370-1.0570 consolidation. For today, USD support is at 1.0375 and 1.0350. Resistance is at 1.0425 and 1.0440
Today’s Range 1.0370-1.0420