USD/CAD Open 1.0293-98 Overnight Range 1.0262-1.0308
The CAD$ is ending the week roughly in the middle of its intraweek range after another quiet overnight session. Global equity indices were mostly lower suggesting another round of profit taking/position trimming ahead of the weekend. Commodity prices have also followed equity prices lower with gold down a modest $2.30 to $1,246.50 and oil trading at $75.95. There aren’t any US data releases today however Canada has Leading Indicators and International Securities transactions.
The short term CAD technicals are mixed. CAD bears view the loonies’ inability to extend gains through 1.0220-40 as evidence of a short term bottom and are looking for a move above 1.0360 to confirm. Meanwhile CAD bulls view this week’s trading action as consolidative within a CAD$ uptrend while the USD/CAD rate is below 1.0360.
The CAD is likely to remain in its 1.0230-1.0330 range today with domestic fundamentals supporting a move through 1.0230. Unfortunately, CAD$ developments vs. EUR and JPY suggest that further strength in these currencies will lead to CAD selling.
Today’s Range 1.0270-1.0360
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