USDCAD Open 1.0292-97 Overnight Range 1.0294-1.0307
Original post on Saxo Bank’s Trading Floor
The USDCAD is unchanged and the rest of the majors are in similar straits as trading activity was smothered by the weight of the pending US nonfarm payrolls report. The Canadian Retail sales report is also released this morning (0.3 percent) and any downward surprises coupled with a bullish NFP should punt the loonie through 1.0375. Falling WTI prices ($98.00/bbl) will act as a drag on any USDCAD losses from a bearish NFP.
The USDCAD technicals are unchanged. The range is 1.0270-1.0335 until either side is cleared decisively. USDCAD support is at 1.0285, 1.0270 and 1.0240. Resistance is at 1.0315, 1.0335 and 1.0375
Today’s Range 1.0290-1.0355