USDCAD Open 1.0982-87 Overnight Range 1.0975-1.1001
USDCAD’s first and second attempt to take out resistance at 1.1000 was thwarted during another active overnight session. The US dollar is in demand across the board in part due to a perception that next week’s FOMC statement will be on the hawkish side as well as bullish technicals since breaking through major support/resistance levels. There isn’t any US or Canadian data due today to change the bullish outlook.
The intraday USDCAD technicals are bullish while trading above 1.0950, supported by the break of resistance at 1.0960 and 1.0990. Arguably, this morning’s retreat from the 1.1000 area is corrective. A break above 1.1000 should extend gains to 1.1020, 1.1035 and 1.1060. A move below 1.0955 targets 1.0940, 1.0915 and then 1.0880.
Today’s Range 1.0960-1.1010