USDCAD Overnight Range 1.2218-1.2265
USDCAD is going anywhere today and it didn’t go anywhere overnight. The Loonie is content to circle the majors like a buzzard over road-kill.That does not mean that the FX markets weren’t entertaining; just that there wasn’t any real direction.
The first act was Kiwi. The RBNZ deputy governor, John McDermott put the kibosh to any notion of a rate increase when he said “At present, the Bank is not considering any increase in interest rates”. NZDUSD dropped from 0.7640 to 0.7445
In Europe, a mess of soft Eurozone PMI data helped drive EURUSD to the day’s lows it bounced quite aggressively. Slightly positive Greek headlines may have contributed to the rally.
This morning’s release of US Jobless Claims was a tad higher than forecast at 295k (Forecast 287K) which has put a little downward pressure on the US dollar and slightly elevating the importance of Friday’s Durable Goods data.
USDCAD technical outlook
The intraday USDCAD technicals are unchanged from yesterday. In fact, the 30 minute chart shown below would show a fairly stable vital signs if it was for a hospital patient. For today, the 1.2180-1.2280 range is likely to remain intact although the short term bias is for a weaker USDCAD.
Today’s Range 1.2190-1.2260