USDCAD Open 1.0531-36 Overnight Range 1.0536-59
Original post on Saxo Bank’s Trading Floor
The USDCAD is starting today where it closed on Tuesday after failing in attempts to move outside of the 1.0515-80 trading range. The US dollar fell the most against Sterling supported by as expected GDP data. The EUR rose, rather dubiously, on news of Germany agreeing on a coalition government, while USDJPY firmed in part due to EURJPY demand. US Durable Goods, Jobless claims Chicago PMI and Reuters/University of Michigan Consumer confidence in focus today.
The magnitude of the FX moves in November among the G-7 currencies combined with expected US dollar selling for month end portfolio rebalancing on Friday argue point to a US dollar selling bias until Friday.
The USDCAD technicals are bullish while trading above 1.0480 while the intraday technicals are neutral inside a 1.0520-60 band. A move above 1.0560 will lead to 1.0580 and perhaps 1.0610 while a dip below 1.0520 points to 1.0480
Today’s Range 1.0490-1.0560