Keystone XL vote coming down the pipe
USDCAD Open 1.1307-11 Overnight Range 1.1305-1.1327
USDCAD did not drift very far, either side of yesterday’s Toronto end of day rate of 1.1310 in a tepid overnight session. Thursday’s the Canadian Finance Minister’s Fall update didn’t deliver any surprises but reminded Canada that the Federal budget will be in surplus in 2015. The Feds have a Contingency Fund with a stash of $3.0 billion, which if unspent, means the budget is likely in surplus now. So, Canada is boasting both a trade and budget surplus. The US Congress is reportedly set to vote on the Keystone XL pipeline today. Also the Bank of Canada semi-annual Review is released today as well as Canada New House Price index.
The intraday USDCAD technicals are bearish while trading below 1.1330 looking for a move below 1.1300 to extend losses to the 1.1260-80 area which is guarding longer term support at 1.1220. A break above 1.1330 argues for a retest of 1.1360.
Today’s Range 1.1270-1.1330