USDCAD Open 1.0663-68 Overnight Range 1.0666-1.0682
Original post on Saxo Bank’s Trading Floor
The USDCAD drifted down while watching the FX action from the sidelines. AUDUSD dropped on lousy trade data but has since recouped 1/2 of it’s losses. USDJPY rallied in the early going and then quickly reversed with stops lurking below 101.80. EURUSD continues to chop within at 1.3530-1.3630 band awaiting the ECB and GBP retreated ahead of the BoE and Osborne speech. Meanwhile US GDP, Factory Orders and jobless claims data are on tap. Canada releases the IVE PMI. At most the data may increase the intraday "chop" but nothing will really change until after tomorrows employment data. Asian equity indices were modestly higher while European equity indices and NY equity index futures are mostly flat.
The intraday USDCAD technicals are bearish while trading below 1.0670 with a break of 1.0660 pointing to deeper losses to 1.0635 and then 1.0595. Above 1.0670 targets 1.0710
Today’s Range 1.0635-70