USDCAD Overnight Range 1.2992-1.3090
Spring has sprung and the Loonie is sitting pretty. The Canadian dollar is in the middle of its overnight range, (1.3050, at the moment) continuing to consolidate the post-FOMC meeting gains while backed by the breach of major USDCAD support at 1.3200-30 and stable oil prices. The Loonie is also getting a bit of love ahead of tomorrows Federal budget, when the details of the stimulus package will be announced.
It was extra quiet in Asia with Japan closed for the spring Equinox holiday. AUDUSD traders have a lot to think about. There is a speech by RBA Governor Glen Steven’s tomorrow and the government is threatening an early election on July 2.
The European session was thin which aggravated the trading ranges although there isn’t any real bias. The Easter holidays at the end of the week and a lack of US data provided a good excuse for traders to stay idle. Sterling slid following the news on the weekend that a government minister resigned. EURUSD tracked higher in London but the rally stalled at 1.1284.
There isn’t any data of note today which suggests USDCAD traders will leave oil price movements and equities to signal direction.
USDCAD technical outlook
The intraday USDCAD technicals are bullish while trading above 1.3020 looking for a break of resistance at 1.3090 to extend gains to 1.3140 and then 1.3200. The short term downtrend remains intact while trading below 1.3340. A move below 1.3020 opens the door to further losses to 1.2950 and then 1.2910.
Today’s Range 1.3010-90
Chart: USDCAD 1 hour