USDCAD Overnight Range 1.2105-1.2160
USDCAD has bounced off the lows coinciding with WTI oil prices slipping from their highs despite a rather weak US Durable Goods report. The headline Durable Goods number rose 4.0%, handily beating forecasts for a gain of a mere 0.4%. Unfortunately, the gains were all aircraft. The rest of the report was weak. Part of the reason for the USDCAD bounce can be attributed to pre-weekend profit taking following this week’s USDCAD decline.
The Asian session was quiet although both Aussie and Kiwi drifted lower. Kiwi continues to be undermined by the RBNZ deputy governor’s speech which led to the New Zealand interest rate outlook being downgraded.
EURUSD was the story in Europe climbing quickly to have a look at 1.0900 and then dropping back just as quickly. Traders ignored the slightly better German IFO index as they were focused on the European Commission meeting on Greece. The headlines were rather harsh and EURUSD has retreated
USDCAD technical outlook
The intraday USDCAD technicals are bearish while trading below 1.2220, supported by yesterday break of support at 1.2180 which looks to extend losses through minor support at 1.2090 for a test of long term support in the 1.2040-50 area. For today, USDCAD support is at 1.2110, 1.2080 and 1.2040. Resistance is at 1.2160, 1.2190 and 1.2210
Today’s Range 1.2110-1.2190
Chart ; USDCAD & WTI