USDCAD Open 1.1110-13 Overnight Range 1.1060-1.1113
The Canadian dollar was the best performing G-7 currency and Kiwi was the worst in a lively overnight session that saw the US dollar rally against everything. The RBNZ governor torpedoed NZDUSD with a statement headlined "Why the NZ exchange rate is unjustified and unsustainable". EURUSD crashed through minor support at 1.2750 and dropped another 0.0050 points while USDJPY climbed back above 1.1100. The improving US economic outlook and the risk of higher rates, sooner rather than later has breathed new life into the US dollar. Today’s US Durable Goods data and Markit PMI’s may reinforce that view.
Canadian dollar demand against EUR and GBP has acted as a drag on Canadian dollar weakness from US dollar and JPY demand.
The intraday USDCAD technicals are bullish while trading above 1.1090 looking for a break of 1.1130 resistance to extend gains to the 1.1150-60 area and then 1.1190. Above 1.1190 is a straight shot to 1.1270. A move below 1.1080 will lead to 1.1050-60.
Today’s Range 1.1090-1.1150