USDCAD Open 1.0418-23 Overnight Range 1.0418-38
The USDCAD managed to hang on to most of yesterday’s gains overnight with USDCAD demand offset by CAD selling vs EUR, GBP and JPY. In the early going, AUDUSD got a slight lift from better than expected China PMI’s but the real story continued to be the dumping of long EURUSD positions. The UK PMI was a tiny bit lower than expected but the data was lost in the noise of EURGBP selling. US ISM and Markit Manufacturing PMI’s are due with upside surprises likely to renew tapering talk in January. Any of the three Fed speakers may weigh in on the subject today.
The short term USDCAD technicals are bearish while trading below 1.0430 but approaching good support at 1.0410. Below 1.0410 yields 1.0370 while above 1.0430 puts 1.0480 into play.
Today’s Range 1.0410-30