Loonie bid despite Canadian bank holiday
USDCAD Open 1.1373-77 Overnight Range 1.1370-1.1399
USDCAD enjoyed a quiet overnight session even though the currency pair managed to hang on to yesterday’s gains. It is opening in Toronto with a bit of a bid but Remembrance Day is a government and bank holiday in Canada although FX desks will likely have a skeleton crew. The big story overnight was the rumour that Japan would delay the sales tax increase and call a snap election. It is only a rumour but USDJPY soared. There isn’t any data of note today.
The intraday USDCAD technicals are bullish. The short term uptrend from the Oct 29th low remains intact above 1.1320 with a break of 1.1400 arguing for further gains toward 1.1420. If that level breaks than a retest of the 2014 peak of 1.1465 is almost certain. A move below 1.1320 targets 1.1280.
Today’s Range 1.1.1340-1.1420