USDCAD Open 1.0491-96 Overnight Range 1.0466-1.0503
Original post on Saxo Bank’s Trading Floor
The USDCAD edged higher overnight when the US dollar staged a cross the board rally, buoyed by rapidly revising taper start talk, following Friday’s NFP release.. US 10 year yields have climbed to 2.78 indicating that the bond market believes tapering is coming sooner rather than later GBPUSD got whacked on lower than expected inflation data. There is a definite lack of quality US data today, leaving traders to speculate on tapering. for US dollar direction.
The short term USDCAD technicals are bullish while trading above 1.0470 with the break above 1.0500 supporting a move to 1.0550, although resistance at 1.0515 will slow the rally. For today, USD support is at 1.0480 and 1.0460. Resistance is at 1.0515 and 1.0530
Today’s Range 1.0480-1.0530