USDCAD Open 1.0626-30 Overnight Range 1.0612-40
Original post on Saxo Bank’s Trading Floor
The USDCAD moved lower in Asia and rallied in Europe with traders trying to find direction. Overnight, HSBC China services PMI (50.9) lower than expected. AUDUSD seemed to ignore the news. but USD JPY moved lower. Cable was whacked, in part due to ongoing position adjustment as well as a report that the BoE will adjust the employment benchmark. European service PMI’s were mixed. Asian equity indices were down, European equity indices up as are NY equity index futures. Gold is $1,236.90 and WTI oil is $94.57. US data today includes ISM non manufacturing data (forecast 54.6)
The intraday USDCAD technicals are modestly bearish while trading below 1.0645 looking for a break of support in the 1.0600-10 area to extend losses to 1.0575. A move above 1.0645 puts 1.0735 back into play. For today, USD support is at 1.0620 and 1.0610. Resistance is at 1.0645 and 1.0690.
Today’s Range 1.0610-45