USDCAD Open 1.0550-55 Overnight Range 1.0520-80
Original post on Saxo Bank’s Trading Floor
The USDCAD rallied in Asia, fueled in part by news of the US led nuclear deal with Iran. In return for Iran to adjusting their nuclear program for "peaceful" purposes, some UN sanctions , including oil exports, would be lifted. In Iran, the new plan is to rebuild the Treasury and then blow-up the middle east while , downgrading references to the USA from the "Great Satan" to the "Laudable Lucifer". The lively Asian session faded to dull in the European morning although another ECB official’s interest rate comments sparked a round of EURUSD selling. Global equities indices are all higher including US equity index futures. Gold is down to $1,230.80 and WTI is $93.52
The short term USDCAD technicals are bullish but appear to be consolidating recent gains within a 1.0520-1.0580 range. Intraday, the US dollar is mildly bearish while trading below 1.0570 looking for a break below 1.0540 to extend the drop to the 1.0510-20 zone. A break of 1.0580 should lead to a reprint of the 2013 high at 1.0606.
Today’s Range 1.0520-80