USDCAD Open 1.0725-29 Overnight Range 1.0720-30
USDCAD traded sideways in Asia while EURCAD demand offset GBPCAD selling in Europe leaving USDCAD going nowhere. The BoE’s Mark Carney delivered a somewhat contradictory message to the Treasury Select Committee from his Mansion house speech last week on the course of interest rate hikes sparking a wave of GBPUSD selling. Stretched long cable positions contributed to the drop. The focus shifts to the US data releases which include Housing Price Index, Consumer Confidence, and New Home Sales Change. Collectively, positive data prints should provide the US with some support.
The intraday USDCAD technicals are modestly bullish within a short term downtrend from last week at 1.0880. A break above 1.0730 targets 1.0750 and then 1.0780. A move below 1.0715 puts 1.0690 in play
Today’s Range 1.0820-60