USDCAD Overnight Range 1.2900-1.2938                     

US Durable Goods surprised to the upside, rising 4.4% in July (forecast 3.5%) and Jobless Claims were a tad better than expected at 261,000. (Forecast 265,00). That sound you heard; it was a collective yawn from the FX market.

Dull, humdrum, monotonous and mundane are a just a few words to describe the action in overnight FX markets. That is exactly the same description as the day before and it is more than likely how today’s North American session will turn out. Financial markets have decided that Janet Yellen’s speech, supposedly tonight around 7-8pm MT, will be the speech where she confirms or contradicts the hawkish comments by many of her colleagues in the past couple of weeks.  Janet Yellen hasn’t confirmed (or denied) any such thing.  She may believe policy announcements are best left to policy decision days and say nothing.  If that is the case, the US dollar will tank.

Global equity indices drifted lower overnight, following the lead of Thursday US equity market close and at the moment, US equity futures are poised to open lower.

USDCAD meandered aimlessly, unperturbed by soft oil prices, due to general bearish US dollar sentiment.  There isn’t any domestic data today.

USDCAD technical outlook.

The intraday USDCAD technicals are neutral within a 1.2900-50 trading range.  A break either side will net another 0.0050 points. For today, USDCAD support is at 1.2900, 1.2880 and 1.2850.  Resistance is at 1.2930, 1.2960 and 1.2990.

Today’s Range 1.2890-1.2950

Chart: USDCAD