USDCAD Open 1.1047-52 Overnight Range 1.1045-11062
The USDCAD remained parked around the 1.1040-50 support zone, a mere spectator to FX moves elsewhere. AUDUSD was choppy without direction and EURUSD seemed to ignore a lower than expected ZEW survey as traders went cross-eyed, keeping one eye on Russian developments and the other on forecasts for the FOMC statement tomorrow. US Housing data and Consumer confidence are on tap. The BoC governor, Poloz gives a speech and the text is available at 11:40 am EDT.
The short term USDCAD technicals are slightly bearish while trading below 1.1080 but unable to crack support at 1.1040-50. Last week’s failure to move above 1.1150 has given the USDCAD a negative bias and long USCAD positions remain elevated. A move below 1.1040 targets 1.0990-1.1010 while a move above 1.1090 means more 1.1040-1.1150 consolidation
Today’s Range 1.1040-1.1080