USDCAD Open 1.0894-99 Overnight Range 1.0889-1.0918
USDCAD edged higher overnight in part due to modest gains in the "commodity bloc" currencies and in part due to CAD demand from GBPCAD sales. Tomorrow’s Canadian labour report re-release in another layer of uncertainty. It must be pretty good because why would StatsCan make a big deal if the data is going to be really terrible? Meanwhile, EURUSD ignored softer regional GDP data as Eurozone GDP and CPI met expectations. Today’s US data includes PPI and IP as well as the usual jobless.
The intraday USDCAD technicals are bearish while trading below 1.0910 looking for a break of support at 1.0880 to extend losses to 1.0860 which represents the base of the uptrend line from July 7,2014. For today, USD support is at 1.0880 and 1.0860. Resistance is at 1.0910 and 1.0940
Today’s Range 1.0880-1.0920