USDCAD Open 1.0305-10 Overnight Range 1.0307-1.0322

Original post on Saxo Banks Trading Floor

The USDCAD punched through resistance at 1.0315 but could barely make any headway above that level and finally surrendering to gravity during the European session and retesting the 1.0305-07 area. CADJPY had a livelier session touching 96.00 on the back of a report that Japanese pension funds would shift from JGB’s to riskier foreign assets, since proved wrong. Meanwhile, the US political wrangling risking a government shutdown by Monday as well as the debt ceiling debate has kept a damper on trading activity. Any benefits from the US data which includes 2Q GDP (consensus 2.6 percent) and Initial jobless claims (forecast 325,000) could be overshadowed by any of the four Fed speakers today. Gold is $1,336.10 and WTI oil is $103.18

The short term USDCAD technicals are bearish wile trading below 1.0320 with a break of 1.0300 suggesting further downside to 1.0260. A move through 1.0320 argues for a test of 1.0355

Today’s Range 1.0270-30

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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