USDCAD Open 1.0400-05 Overnight Range 1.0369-1.0405
Original post on Saxo Bank’s Trading Floor
The USDCAD not only held on to yesterday’s gains but managed to squeak above 1.0400. Elsewhere, FX trading was robust even though the previous ranges remain intact. EURUSD suffered a little hiccup when Euro zone PMI’s disappointed (slightly) but it has since recovered. Markets are waiting for the US data which includes jobless claims and Markit PMI. There aren’t any Canadian releases. Global equity indices rose (except for the Hang Seng) and ny equity index futures are also higher. WTI is $93.27/bbl and gold is $1,337.70
The USDCAD technicals are bullish while trading above 1.0335 and the break above 1.0370 targets 1.0440. Only a move back through 1.0335 would negate the upside push. Intraday, a dip below 1.0390 could see further losses to 1.0365. Resistance is at 1.0405 and 1.0415.
Today’s Range 1.0375-1.0415