USDCAD Open 1.0452-57 Overnight Range 1.0453-70
Original post on Saxo Bank’s Trading Floor
The USDCAD backed away from breaking resistance in the 1.0270 area in a quiet overnight session as FX traders adjusted positions ahead of the FOMC meeting. If the FOMC members believe the market assessment of this meeting, they sould just skip the meeting and head straight to cocktails. That said, the US Congress, very effectively, sabotaged this meeting by shutting down the government which supports the view of a non-event FOMC meeting. Global equities are all higher, gold is at $1,348.60 and WTI is $97.60
The short term USDCAD technicals are bullish while trading above 1.0430 but need to break 1.0470 to extend gains to 1.0550. A move below 1.0440 could lead to a test of 1.0420 and more 1.0420-70 consolidation..
Today’s Range 1.0430-1.0510