USDCAD Open 1.0569-74 Overnight Range 1.0557-1.0596
Original post on Saxo Bank’s Trading Floor
The USDCAD continued to probe and pierce support levels , washing out weak long dollar positions in thin markets ahead of the BoC governors speech today. Australia’s employment data surprised to the upside but gains were short lived. Eurozone October Industrial production was lowered than expected (-1.1% vs. forecast of 0.2%) but EURUSD continues to lurk around 1.3800. Today’s US data, Retail sales and jobless claims) will be important only in the context of how the data impacts the tapering decision. Gold is at $1,244.70 and WTI oil is $97.74/bbl
The intraday USDCAD technicals are bearish . The USDCAD is in a steady(1.0550-1.0600, currently) downtrend channel since break back below support at 1.0660. A move through 1.0550 argues for 1.0520 while above 1.0600 will get you 1.0630.
Today’s Range 1.0550-1.0600