original post on Saxo Bank’s Trading Floor
USDCAD Open 1.0357-62 Overnight Range 1.0333-60
The USDCAD has become the Rodney Dangerfield of FX markets.-It gets no respect. The beleaguered loonie can’t get any traction in a bearish US dollar environment and "turns turtle" when the US dollar sentiment turns bullish. The AUDUSD and NZDUSD made gains overnight, in part due to hopes of a US crisis resolution. The USDCAD edged higher. Meanwhile, the US dollar has a bit of demand in Europe. EURUSD lower on a slightly lower ZEW Economic sentiment survey (59.1 vs forecast of 59.4). GBPUSD lower on an unchanged CPI report. News about the US debt ceiling/government shutdown talks will dominate and equity markets should provide direction.
The short term USDCAD technicals are neutral within the current 1.0330-1.0370 trading range, a move either side should extend for another 0.0050 points.. Below 1.0330 points to 1.0280 while above 1.0370 gets 1.0420
Todays Range 1.0330-1.0360