USDCAD Open 1.0935-40 Overnight Range 1.0907-1.0939
USDCAD is starting the day bid and probing resistance in the 1.0940-60 area which if broken, paints a target on 1.1050. Once again, it’s a US dollar strength story, not a weak loonie tale. The "big dollar’ gained against all the majors with the exception of cable. The Eurozone service PMI’s were mixed while the UK services PMI beat forecasts and boosted GBPUSD. The RBA statement offered no surprises, as expected but Friday’s Australian MPR may change that. Expect more "to-ing and fro-ing ahead of Thursday’s ECB and BoE meetings.
The intraday USDCAD technicals are bullish while trading above 1.0915 but needing a break above 1.0960 to extend gains to 1.1055. A drop below 1.0915 suggests further weakness to 1.0880. The long term USDCAD uptrend remains intact above 1.0630
Today’s Range 1.0910-60