USDCAD Open 1.0417-21 Overnight Range 1.0413-42
Original post on Saxo Bank’s Trading Floor
The USDCAD retreated slightly in the overnight session on the back of rising expectations that the US QE program will continue indefinitely under a Janet Yellen led Fed. Further US losses may be delayed (at least for today) ahead of speeches from the Senior Deputy Governor of the Bank of Canada as well as speeches from Fed members, Dudley and Plosser. today. In addition, a Bernanke speech Tuesday night ahead of Wednesday’s US CPI, Retail Sales and the FOMC minutes may cause US bears to take a break. WTI oil is $93.45 and gold is $1,283.50
The short term USDCAD technicals are bearish while trading below 1.0440 but need to break strong US dollar support in the 1.0390-1.0410 area to extend losses. A move above 1.0440 points to further 1.0410-1.0510 consolidation.
Today’s Range 1.0410-40