USDCAD Open 1.0854-59 Overnight Range 1.0844-1.0856
The USDCAD drifted higher in concert with a firm USD undertone vs. the majors. AUDUSD got the ball rolling with a doveish tilt in the RBA minutes. Cable moved lower on soft inflation data and EURUSD waffled with mixed ZEW surveys not contributing much. US CPI is up next but concerns ahead of Wednesday’s FOMC meeting will mute any reaction.
The intraday USDCAD technicals are modestly bullish while trading above 1.0850 but need to break through resistance in the 1.0860-80 zone to extend gains to 1.0920. A dip below 1.0850 will lead to 1.0835 again. Additional support is at 1.0815 and 1.0770 (200 day moving average)
Today’s Range 1.0840-80