USDCAD Overnight Range 1.0324-44
See Saxo Bank Trading Floor
The USDCAD barely budged in a rather sedate session with the US dollar eking out modest gains vs the majors expect for cable and kiwi. There is a lot of data on tap in the us, (PPI, Retail Sales and Consumer sentiment) with Retail Sales biased higher than forecast.
A Nikkei report suggests that President Obama may nominate Larry Summers for next Fed Chairman today. If so, expect a lot of Yellen as Mr. Obama has proved over the years that he cannot get anything done without a lot of drama.
The USDCAD should be biased higher today on the back of profit taking ahead of the weekend.
The short term technicals are modestly bullish while trading above 1.0320 with resistance at 1.0345 and 1.0365. A move below 1.0320 will see a slow grind lower towards 1.0280
Today’s Range 1.0320-65