USDCAD Open 1.0441-46 Overnight Range 1.0418-46
Original post on Saxo Bank’s Trading Floor
The USDCAD was collateral damage in an eventful overnight session sparked by announcements from China and mixed German ZEW data. Although it was eventful, the only real mover was AUDUSD which rallied on expected increased Chinese demand ..There isn’t any data of note from the US or Canada so today’s buffet of Fed speakers , including Bernanke tonight, will keep traders sidelined.
The short term USDCAD technicals are bullish while trading above 1.0425, supported by the break of 1.0440 which implies more 1.0410-1.0510 range trading. for today, USD support is at 1.0425 and 1.0410 Resistance is at 1.0450 and 1.0470.
Today’s Range 1.0420-50