USDCAD Open 1.0980-85 Overnight Range 1.0978-1.1021
The USDCAD rally after the FOMC statement stalled at 1.1020 in the early Asian session and proceeded to drift lower to flirt with minor support at 1.0980. Profit taking may have been behind the move as the US dollar retreated against all the G-7 currencies.
Traders are still digesting both the implications of the FOMC statement and an ECB Targeted LTRO which did not deliver as much as expected. France is denying a rumour that Moody’s will be downgrading the country by Friday and the UK is fixated on the Scottish referendum.
The intraday USDCAD technicals are bearish while trading below 1.1010 with a break of support at 1.0980 risking further losses to 1.0930. Above 1.1010 puts 1.1040 in play. For today, USD support is 1.0980, 1.0960 and 1.0930. Resistance is 1.1010, 1.1035 and 1.1060
Today’s Range 1.0970-1.1020