USDCAD Overnight Range 1.3534-1.3578
USDCAD is just above its overnight low, getting a minor boost from the bump in WTI prices and a bit of a rebound in the antipodeans but in reality it is merely consolidating its gains from the break-out above 1.3460. The short term outlook remains bullish.
It was a lively session in Asia. The 0.25 basis point interest rate cut by the Reserve Bank of New Zealand near the end of the New York day sent NZDUSD soaring. It managed to keep most of those gains. Australia posted unbelievably strong employment numbers-gaining 71.4 jobs in November after a 56.1k rise in October. In fact, the report is unbelievable. Most economists don’t believe the accuracy of the data but that didn’t stop AUDUSD from rallying over .0100 points.
The focus in Europe was the Swiss National Bank and the Bank of England interest rate meetings. Both left rates unchanged. The BoE appears to have disappointed traders with the statement and GBPUSD dropped.
This mornings US and Canadian data releases failed to generate any interest among FX traders. USDCAD traders are totally focussed on WTI price movements and will be at least until next weeks FOMC meeting.
USDCAD technical outlook
The intraday USDCAD technicals are bearish while trading below 1.3580 looking for a break of support at 1.3520 to extend losses to 1.3460. A move above 1.3620 suggests further gains to 1.3680 and then 1.3720. A break of 1.3460 will lead to a test of 1.3390.
Forecasted Range for the day 1.3530-1.3610