USDCAD Open 1.0962-67 Overnight Range 1.0950-67
The USDCAD languished in a narrow range overnight but the rest of the majors showed signs of life. AUDUSD surged on RBA minutes and then promptly reversed course while the BoJ tweaked some policies which boosted the Nikkei and drove JPY lower. GBPUSD was lower on softer than expected inflation data and the EURUSD drifted higher on mixed ZEW data. The Canadian and US data is mostly low grade leaving the North American session to continue the overnight trading themes.
The short term USDCAD technical are bearish while trading below 1.0980 looking for a break of support in the 1.0920-40 area to losses to the 1.0810-30 area. For today USD support is at 1.0940, 1.0920 and 1.0880. Resistance is at 1.0980 and 1.1010.
Today’s Range 1.0940-80