USDCAD Overnight Range 1.2366-1.2470

Rising oil prices in a market well long USDCAD put the Loonie on the griddle. After spending Monday in a 1.2420-80 range,USDCAD fell through support at 1.2420, triggering stops at 1.2380 and touched 1.2366. Oil rallied on the risk of supply disruptions due to Egypt’s bombing of ISIS targets in Libya. USDCAD is off the lows in early New York trading as WTI gives ups some gains.

EURUSD shrugged off news that the Greek negotiations were still on-going but enjoyed the better than expected German ZEW index gain.EURUSD recouped all of Monday’s losses and then some. The RBA minutes didn’t provide any additional guidance as to future rate moves and AUDUSD ticked higher.

There isn’t any data of note today leaving oil price movements and Greek debt headlines to provide trading direction.

USDCAD technical Outlook

The intraday USDCAD technicals are bearish while trading below 1.2440 supported by the break of support at 1.2415.Failure to climb above 1.2390 risks another probe of support in the 1.2340-60 area. The line in the sand is 1.2320. A break here would lead to 1.2050 in a hurry. A rally above 1.2440 negates the downtrend and argues for further gains to 1.2550.

Today’s Range 1.2360-1.2440