USDCAD Open 1.0886-90 Overnight Range 1.0889-1.0907
USDCAD didn’t move anywhere overnight and neither did the rest of the majors ahead of the highly anticipated ECB meeting. The RBA, BoC, BoJ and the BoE did nothing at their meetings so why should the ECB be different? If Mr Draghi disappoints the market, as he has been known to do, EURUSD gains may be limited ahead of Friday’s NFP report and on speculation that "maybe the ECB will act next time". The ADP employment report is also due shortly and an upside surprise will open up a new can of worms for Friday’s payrolls estimates.
The intraday USDCAD technicals are bearish while trading below 1.0895 but struggling to overcome support in the 1.0870-80 area. This week’s rejection of USDCAD strength above 1.0940 turns the spotlight to the various levels of support beginning with 1.0860.
Today’s Range 1.0860-20