USDCAD Open 1.1251-56 Range 1.1249-1.1294
USDCAD moved higher in Asia but couldn’t crack resistance in the 1.1290-1.1300 area and reversed course, re-testing support at 1.1240-50 which has held (so far). The RBA minutes didn’t offer up anything new. A drop in the Nikkei spooked USDJPY and took AUDUSD and NZDUSD along for the roller-coaster ride. EURUSD dropped like a rock as NY started their day, on a Reuter’s report that the ECB may buy corporate bonds in the secondary market. The ECB has denied it but EURUSD is still on its lows. There isn’t much in the way of US data (Existing Home Sales) to inspire markets, today, so expect directionless chop.
The USDCAD technicals remain bullish while trading above 1.1250 but stalled against resistance at 1.1290-1.1300. A break above 1.1300 argues for a move to the 2014 high of 1.1380 and beyond. A move below 1.1240-50 will test 1.1220 and risk 1.1170.
Today’s Range 1.1240-1.1310