USDCAD Overnight Range 1.2598-1.2670
USDCAD climbed steadily higher overnight and during the early North American session.Falling oil prices are to blame. WTI dipped to $47.70 with expectations that an Iranian nuclear deal could lead to another million barrels per day of crude hitting the market as sanctions get removed. Anticipation of better than expected US data this week, including non-farm payrolls on Good Friday, is also providing the US dollar with support.
Trader’s ignored better than expected Industrial Product Price and Raw Materials Price Index data.US data PCE data was mixed while Pending Home Sales beat forecasts.
It was slippery but thin overnight session with rising nervousness over progress on Greece negotiations weighting on EURUSD in a thinner than usual market due to month-end, quarter-end and Japan year-end. Falling iron ore prices kept downward pressure on AUDUSD and USDJPY firmed in Europe.
USDCAD technical outlook
The intraday USDCAD technicals are bullish while trading above 1.2610 looking for a break of resistance at 1.2670 to extend gains to 1.2820. A move below 1.2610 points to a retest of 1.2550. USDCAD is almost exactly in the middle of the March 1.2410-1.2820 range. For today, USD support is at 1.2610, 1.2580 and 1.2550. Resistance is at 1.2680, 1.2710 and 1.2750
Today’s Range 1.2610-80
Chart: USDCAD 1 hour