USDCAD Open 1.0941-46 Overnight Range 1.0929-49
Original post on Saxo Bank’s Trading Floor
The USDCAD traded quietly overnight, drifting higher in a lackluster session to wind down the week. The star of the show was GBPUSD which jumped around 0.0100 points are stronger than expected December Retail sales data (Actual 5.3% vs. forecast of 2.6%) The rest of the majors traded sideways even as AUDUSD stayed in close proximity to yesterday’s low. US data on tap includes Building permits, housing starts Industrial Production/Cap. Utilization and Reuters/Mich. Consumer confidence..
The short term USDCAD technicals are bullish even as the currency pair consolidates recent gains within a 1.0910-1.0990 band. For today, USD support is at 1.0920 and 1.0905. Resistance is at 1.0950 and 1.0980.
Today’s Range 1.0920-80