USDCAD Open 1.0440-45 Overnight Range 1.0426-1.0450
Original post on Saxo Bank’s Trading Floor
The USDCAD is hovering near the overnight highs in a slow start to the week as traders await US Retail Sales tomorrow and the FOMC Wednesday. Both EUR and GBP are below their recent highs vs the USD suggesting a pause in the dollar sell-off until the FOMC statement is released. Global equities are still happy with the extension of QE, gaining in Asia, most of Europe and lifting NY equity futures. Gold is at $1,352.40 and WTI is 97.90/bbl. US data includes; Industrial Production, Pending Home sales, and Dallas Fed Manufacturing Business. There isn’t anything from Canada.
The short term USDCAD technicals are bullish while trading above 1.0410 but the US dollars rise appears to have stalled ahead of resistance at 1.0470. For today, USD support is at 1.0430 and 1.0410. Resistance is at 1.0455 and 1.0470
Today’s Range 1.0430-60