USDCAD Open 1.1012-17 Overnight Range 1.1004-1.1030
The USDCAD edged lower in overnight trading despite AUDUSD and NZDUSD being fairly active in Asia. EURUSD was offered on soft Spanish CPI data which elevates concerns over next week’s ECB meeting. The March Reuters/Michigan Consumer Confidence Index (forecast 80.8) will give the US dollar a lift if it beats forecasts. This has been a relatively volatile week for the G-7 currencies, particularly AUD, NZD and CAD suggesting the recent gains may get consolidated ahead of the weekend.
The Intraday USDCAD technicals are bearish while trading below 1.1040, looking for a break of support in the 1.0990-1.1000 area to extend losses to 1.0940. A move above 1.1040 suggests a return to 1.1080.
Today’s Range 1.0990-1.1040