USDCAD Open 1.0635-40 Overnight Range 1.0598-1.0640
Original post on Saxo Bank’s Trading Floor
The USDCAD was pretty quiet overnight but started to rally when early Toronto/NY traders came in. AUDUSD was mostly ignored, USDJPY turned over decent volumes in a narrow range and EURUSD ignored data and went nowhere. Cable was the star of the show, leaping over 0.100 points on better than expected employment data. The Asian Equity indices rose .(ASX200 was flat), European equity indices are also higher as are NY equity futures.
The intraday USDCAD technicals are bullish while trading above 1.0610 but meeting with minor resistance at 1.0640, with more at 1.0660.. For today, USD support is at 1.0610 and 1.0580. Resistance is at 1.0640 and 1.0660.
The USDCAD is likely to trade with a modestly "bid" tone ahead of the FOMC meeting.
Today’s Range 1.0610-1.0660