Loonieviews Feb.27


USDCAD Open 1.1124-29 Overnight Range 1.1122-38

The USDCAD edged higher, almost as an afterthought in a lively overnight session. Weak Australian data put downward pressure on AUDUSD while USDJPY dipped in perhaps a nod to risk aversion on Russian military exercises on the Ukraine border. EURUSD is soft ahead of Friday’s inflation data and the ECB meeting next week. Janet Yellen’s speech today is also providing some support to the US dollar in the unlikely event that she says anything different than two weeks ago.

The intraday USDCAD technicals are bullish while trading above 1.1105 but needing to break resistance in the 1.1140-50 zone to risk another look at 1.1220. Longer term, USDCAD is locked within a 1.0940-1.1220 band since mid January and it makes sense to trade this band. For today, USD support is at 1.1110 and 1.1090. Resistance is at 1.1140, 1.1160 and 1.1190

Today’s Range 1.110-60

Categories FX, Foreign Exchange, Currency, Canadian Dollar

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