USDCAD Open 1.0370-75 Overnight Range 1.0356-76
Original post on Saxo Banks Trading Floor
The USDCAD bulls are in control, crushing resistance in the 1.0335-50 area leaving1.0375-80 as the last line of defence ahead of a near straight shot to 1.0550. There doesn’t seem to be one specific catalyst to have sparked the USDCAD rally but the prior week or so of 1.0300-30 range trading may have caught traders complacent and short USDCAD. News that Janet Yellen would get the official nod for Fed chairman enlivened markets overnight. Today’s FOMC minutes may encourage traders to hug the sidelines.
The short term USDCAD technicals are bullish while trading above 1.0355 looking for a break of 1.0380 to extend gains to 1.0550. A move below 1.0355 would suggest a period of 1.0315-1.0375 consolidation. For today, USD support is at 1.0355 and 1.0335. Resistance is at 1.0380 and 1.0420
Today’s Range 1.0335-1.0375