USDCAD Open 1.1048-53 Overnight Range 1.1045-1.1065
The USDCAD marked time overnight although the other majors were active. Japan started the new fiscal year with a rally in USDJPY and AUDUSD retreated throughout most of the Asian session. EURUSD ignored weak inflation data (0.5% vs. forecast 0.6%) but that may change as we get closer to the ECB meeting on Thursday. Today’s Canadian Jan. GDP is expected to rebound to 0.4% following the effects of the Dec. ice storm. Those looking for the data to beat consensus may be disappointed as the Jan. weather was lousy too. It is also month end and quarter end which could see US dollar selling.
The Intraday USDCAD technicals are bearish while trading below 1.1060, looking for a break of support in the 1.0990-1.1000 area to extend losses to 1.0940. A move above 1.10600 suggests a return to 1.1105. For today, USD support is at 1.1005, 1.0990 and 1.0960. Resistance is at 1.1060, 1.1080 and 1.1105.
Today’s Range 1.0970-1.1040