USDCAD Open 1.0913-18 Overnight Range 1.0894-1.0916
The bullish bias to USDCAD remained intact overnight with the rest of the majors trading choppily within recent ranges. The RBA left rates and the statement unchanged and USDJPY failed to extend the North American session’s gains above 102.47. Worse than expected Eurozone inflation data kept downward pressure on EURUSD ahead of Thursday’s ECB meeting. It seems that a mere rate cut would be a crushing disappointment to Euro traders which risks a massive short squeeze higher. Today will bring more choppy range trading within recent ranges as traders await ECB.
The intraday USDCAD technicals are bullish above 1.0880 with a break of resistance at 1.0920 extending gains to 1.0940. A break of 1.0940 would suggest that a short term bottom is in place at 1.0840 and look for an extension to 1.1040. For today, USD support is at 1.0905 and 1.0880. Resistance is at 1.0920 and 1.0940.
Today’s Range 1.0890-1.0930