USDCAD Open 1.0308-12 Overnight Range 1.0301-1.0316
Original post on Saxo Banks Trading Floor
The USDCAD was quietly bid overnight albeit in a very narrow range with FX traders still perplexed over the US political uncertainty, the extension of QE in front of today’s US Durable Goods release. (Forecast O.0%, ex transportation 1.0%)
The short term USDCAD technicals are mixed. USDCAD Bulls see the lack of downside through 1.0270 as evidence the short term uptrend is intact as they await a break of 1.0335 to extend gains to 1.0380. USD Bears see the lack of upside above 1.0315 and 1.0335 as evidence the downtrend remains intact and are looking for a break of 1.0270 to extend US dollar losses to 1.0210.
Today’s Range 1.02701.0335