USDCAD Overnight Range 1.1818-1.1864
FX markets were fairly choppy in Asia and then simmered down during the European session. However, weaker than expected Eurozone inflation data placed renewed pressure on EURUSD. The oil slide slid to a halt and WTI is up modestly ($48.24) and Brent is still above the psychologically important $50.00/bbl level.
This morning’s stronger-than-expected ADP employment report (Actual 241k vs. 225K expected) provided further support to the US dollar on hopes that Friday’s NFP report would surprise to the upside.
USDCAD suffered a one-two blow on the back of the stronger ADP data and a soft Merchandise Trade report.
USDCAD technical Outlook
The 2015 uptrend is intact while trading above 1.1810 with a break of the intraday high at 1.1865 suggesting further gains to 1.1930 and then 1.2000. A move below 1.1810 will see a retest of support at 1.1760 and maybe 1.1720
Range for the day 1.1810-1.1910