USDCAD Open 1.0903-07 Overnight Range 1.0890-1.0906
It was another hum-drum overnight session for USDCAD; content to drift aimlessly within a narrow band although with an ever-so slightly bullish bias. Today’s US CPI data should have minimal impact as traders await the FOMC minutes and the "Sermons from the Hole". There isn’t any Canadian data until Friday’s CPI and Retail Sales reports.
The intraday USDCAD technicals are bullish while trading above 1.0895, looking for a break above minor resistance at 1.0910 to extend gains to 1.0920 and then 1.0940. A move below 1.0895 targets 1.0880 and then 1.0860.