USDCAD Open 1.0437-42 Overnight Range 1.0433-58
Original post on Saxo Bank’s Trading Floor
The USDCAD see-sawed in a tight range and was largely ignored overnight as traders continued to adjust EUR positions ahead of tomorrow’s ECB meeting. The prevailing sentiment is for no movement in rates but with a statement alluding to a rate cut in December. The EURUSD got a bit of a boost from marginally better German data.
The loonie has also managed to shrug off any concerns arising from a series of political scandals which make the country look like a Banana republic, except it has oil and not fruit. The mayor of Toronto admits to smoking crack, Montreal has lost 2 Mayors this year on corruption accusations and the Canadian Senate has suspended 3 senators for being lying cheats (or for getting caught). The loonie is down on embarrassment.
The short term USDCAD technicals are modestly bullish while trading above 1.0425 and looking for a break of 1.0460 to extend gains to 1.0480 and then 1.0510. A dip below 1.0425 leads to 1.0410 and further 1.0410-1.0460 consolidation.
Today’s Range 1.0425-1.0460