USDCAD Open 1.1167-72 Overnight Range 1.1139-75
USDCAD made another feeble attempt at breaking intraday support in the 1.1130-40 area which was rebuffed and is now probing resistance in the 1.1175-80 area on the back of general US dollar strength. The US dollar turned bid in Europe, aided by another weak Eurozone inflation report and ongoing Eurozone and US economic and interest rate divergence. Today’s Canadian GDP data may provide some support to the Loonie although month end rebalancing flows may eliminate that benefit.
The intraday USDCAD technicals are bullish while trading above 1.1140 with a break of the 1.1180-90 resistance area leading to a return to the 2014 peak of 1.1274. A dip below 1.1140 may lead to a retest of 1.1080. For today, USD Support is at 1.1140, 1.1110 and 1.1090. Resistance is at 1.1180-90, 1.1210 and 1.1270
Today’s Range 1.1150-1.1250