USDCAD Open 1.0720-24 Overnight Range 1.0720-40
A USDCAD move higher in Asia stalled at 1.0740 resulting in a slow drift lower, finally coming to rest on minor support at 1.0720. NZDUSD tanked on verbal intervention by the RBNZ and a doveish sounding policy statement despite a 0.25% OCR hike. Sentiment that the RBNZ is on hold is behind the kiwi’s malaise. EURUSD bounced off of its recent lows in part due to higher German PMI’s and EURGBP demand following weak UK retail sales. US jobless claims, New Home Sales and Markit PMI’s should provide some US dollar support today.
The intraday USDCAD technicals are neutral within the context of the 1.0710-1.0760 trading band seen for the past 10 days. A break either side should extend another 0.0050 points. For today, USDCAD support is at 1.0720, 1.0710 and 1.0690. Resistance is at 1.0740, 1.0760 and 1.0790
Today’s Range 1.0710-50