USDCAD broke higher and snapped a minor intraday downtrend after this morning data releases.   US Durable Goods Orders for February came out better than expected (Actual 1.7% vs. forecast 1.2%, y/y) while Canada CPI was a tad softer. USDCAD rallied from 1.3345 to 1.3380 on the news. The rest of the FX majors merely yawned after the US data.

The greenback was unable to get much traction overnight and stayed inside the well-defined ranges against the majors. That will be the case today as traders await the results of the US Healthcare vote.

Overnight Ranges



22-Mar 23-Mar High


USDCAD 1.3354 1.3356 1.3375 1.3348
EURUSD 1.0784 1.0806 1.0806 1.0761
USDJPY 110.96 111.08 111.47 110.87
GBPUSD 1.2521 1.2489 1.2519 1.2475
USDCHF 0.9930 0.9908 0.9957 0.9908
AUDUSD 0.7626 0.7621 0.7638 0.7609
NZDUSD 0.7028 0.7013 0.7034 0.6997
USDMXN 18.9490 18.9175 18.9716 18.9103
WTI   47.69 48.10 48.09 47.70

EURUSD managed to pull itself off the 1.0750 level and crawl above 1.0800 following a string of better than expected Eurozone PMI reports after a quiet Asia session.

Sterling retreated from the 1.2505 level on bearish comments by a MPC member.  ECB president Jean Claude Juncker said that the UK would be on the hook for 50 billion pounds as a “deterrent to other members from leaving the EU.

USDJPY rallied from the Asia open to mid-morning in Europe, rising from 110.87 to 111.47. Doveish comments by BoJ Governor Kuroda and a robust Tankan report powered the move.  Europe took advantage of the rally to sell USDJPY ahead of the US healthcare vote

AUDUSD and NZDUSD are just above their overnight lows.  Kiwi was undermined by a larger than expected Trade deficit. Aussie was sold when a couple of domestic banks hiked mortgage rates for speculators.

Oil prices inched higher in Asia and Europe, helped by news that Saudi Arabia would trim 300,000 barrels/day in exports to the US.  Those gains were erased in New York trading.

USDCAD Technical outlook:

The intraday USDCAD technicals are bullish while prices are above 1.3320, looking for a break of 1.3380 to extend gains to 1.3410.  A decisive break above 1.3410 will extend gains to 1.3535.  For today, USDCAD support is at 1.3320 and 1.3270.  Resistance is at 1.3380 and 1.34210

Today’s Range 1.3330-1.3420