USDCAD Open 1.0742-46 Overnight Range 1.0738-1.0748
USDCAD drifted moderately higher overnight, ignoring the US dollar’s flexing of muscle against the EUR. EURUSD had a peek at the 2014 lows in the 1.3480 area, perhaps in anticipation of a robust CPI result this morning while the USDCAD move to 1.0746 was an afterthought. Global equity indices and NY equity index futures are higher as is WTI at $105.16. Failure to take out resistance in the 1.0750-60 area today combined with a better than expected Canadian Retail sales number tomorrow could lead to a retest of support at 1.0690.
The intraday USDCAD technicals are bullish while trading above 1.0730 but need to break resistance in the 1.0750-60 area to extend gains to 1.0790. A move below 1.0730 argues for a dip to the 1.0690-1.0710 support area. The long term uptrend from the September 2013 low remains intact while trading above 1.0610.
Today’s Range 1.0720-60