USDCAD Open 1.0861-66 Overnight Range 1.0845-1.0867
USDCAD stayed on the sidelines throughout a fairly active overnight session. Ukraine has declared that Russia has invaded it, which Russia has denied. The JPY acted like the accusation was true, rising about 0.20 points on a shift to risk aversion. Or it could be due to more month end portfolio rebalancing flows. There is a lot of US data for traders to digest including Q2 GDP. A drop in Canada’s current account deficit would be another excuse to buy the loonie.
The intraday USDCAD technicals are bearish below 1.0875 but bouncing off the 1.0840 lows. A move above 1.0880 points to a retest of 1.0920 while a move below 1.0840 will meet support at 1.0820 and then 1.0790
Today’s Range 1.0820-80