USDCAD Overnight Range 1.3868-1.3935
Range from Monday 1.3805-1.3835
The final few days 0f 2015 are here and USDCAD prices are swinging like a pendulum. A jump in WTI prices from $36.66 to $37.32 knocked an early USDCAD rally for a loop and prices dropped to 1.3897 from 1.3935. Liquidity is poor which exaggerated the move and that will be the theme for the rest of the week.
Global equity indices all managed to move higher in part due to the bump in oil prices. There isn’t any Canadian data due today and the US data (Case Shiller Home Prices and consumer Confidence) shouldn’t have any impact on markets.
USDCAD technical outlook
The intraday USDCAD technicals are bearish following the failure to extend gains above the overnight high at 1.3935 and the subsequent drop below 1.3910. USDCAD is currently testing support at 1.3860 that if broken, will extend losses to 1.3840. A move below 1.3840 sets up a test of 1.3780. A bounce above 1.3910 opens up another test of 1.3935 and then 1.3990. For today USDCAD support is at 1.3860, 1.3840 and 1.3810. Resistance is at 1.3910, 1.3940 and 1.3990.
Today’s Range 1.3840-1.3910
Chart USDCAD 1 hour