USDCAD Overnight Range 1.3915-1.3965
The FX majors traded sideways in a deathly dull overnight session. The week started slowly and is likely to remain that way, at least for the balance of the day. There wasn’t any data of note to stoke the trading fires and so traders have just stirred the embers as they count down the hours until closing time.
Oil prices made another new 2015 low in Europe on continuing concern of a build up in supplies stemming from c from additional output by the US and Iran. WTI has traded in a $34.11-$34.72/barrel range so far, today.
The drop in WTI prices failed to ignited interest in USDCAD which has remained locked in a narrow range.
USDCAD technical outlook
The intraday USDCAD technicals are bullish above 1.3900-10 looking for a break of the 1.4000-1.4055 resistance area to extend gains to 1.4285 which is the CAD $0.70 cent level. A break of support at 1.3900 suggests further losses to 1.3840.
Forecasted Range for the day 1.3910-1.3990
Chart USDCAD 30 minute.