USDCAD Open 1.0946-50 Overnight Range 1.0932-67
Original post on Saxo Bank’s Trading Floor
The USDCAD started soft in Asian, caught up in the minor euphoria following the release of Chinese GDP, IP and Retail Sales which led to gains in AUDUSD and NZDUSD as well. The gains were short lived as the data was mostly as expected. Thin markets likely exacerbated the moves as well. The European session proved to be uninspiring and the lack of US data this week coupled with the US Martin Luther King holiday today argues for more of the same during the North American session. Asian equity indices closed down while European equity indices were mixed to flat. Gold is $1,254.70 and WTI oil is $93.72
The intraday USDCAD technicals are bearish while trading below 1.0955-60 supported by the break below the short term rising trend line from January 6 at 1.0940-50. However, the downside is limited by support at 1.0920 and 1.0900. A move below 1.0900 suggests a test of 1.0840. A move back above 1.0960 will see another test of 1.0990.
Today’s Range 1.0920-60