USD/CAD Open 1.0209-14 Overnight Range 1.0205-70
The USD/CAD went for a wee bit of a roller coaster ride overnight, rising from 1.0230 to 1.0270 and then plunging back to 1.0216 in the span of 30 minutes, mostly due to EUR/CAD buying. Most markets were squirrelly beginning with Australia’s mostly surprising decision to leave rates unchanged with sent AUD/USD lower. The Bank of Japan cut its overnight rate from almost nothing to less than almost nothing, (0.1% fixed to a band between 0 and 0.1%) The Euro got another boost from better than expected economic data however the technical picture warns of more EUR/USD consolidation. All this noise translates into further USD/CAD range trading today.
The short term CAD$ technicals remain bullish. The overnight failure to extend gains through 1.0270 combined with the subsequent retracement back through 1.0220 suggests further CAD$ gains to 1.0170. Longer term, strong USD/CAD support between 1.0110 and 1.0170 suggest that gains will be hard to achieve. For today, USD support is at 1.0200, 1.0170 and 1.0135. Resistance is at 1.0230 and 1.0270.
The CAD is getting a lift from rising commodity prices and global equity indices that are flat to higher overnight, however renewed EUR weakness vs. the US dollar will lead to further buying of EUR/CAD.
Today’s Range 1.0170-1.0250
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