USDCAD Overnight Range 1.3280-1.3323
Today is Thanksgiving Day in America and as Family Guy’s Peter Griffith says, “the bird is the word”.
American’s will be talking turkey and Canadian FX markets will be snoozing.
It wasn’t a complete snooze-fest overnight. New Zealand posted another small deficit and still squeaked out
some gains. That wasn’t the case in Australia. A real ugly Q3 CAPEX report (-9.3% vs. forecast -2.9%) drove
AUDUSD to a .0050 point loss.
European markets were very quiet. EURUSD stayed within a 0.0020 point range with traders patiently
awaiting the ECB meeting on December 3.
There is still a whiff of risk aversion in the air after Turkey, emboldened by their NATO membership, picked a
fight with Russia. Thankfully, Turkey doesn’t have an Arch Duke Ferdinand.
WTI prices have slipped from their overnight peak which could undermine the Canadian dollar although as
long as they remain within the $40-$44.00/barrel range, it may just be noise and therefore, a non-factor.
It is going to be a very quiet day in North America with the total lack of economic data and the US holiday
keeping traders sidelined.
USDCAD technical outlook
USDCAD is in a modest intraday downtrend while trading below 1.3330 but needs a break of support at
1.3270 to extend losses with a 1.3220 target. A move back above 1.3230 argues for additional 1.3270-1.3360
Forecast Range for the day 1.3270-1.3330
Chart USDCAD 1 hour chart