USDCAD Overnight Range 1.3920-1.3965
This morning’s US GDP data came in as expected and that meant FX markets reacted as expected. They didn’t really do anything. The US dollar was slightly offered during the overnight session and it remains that way now.
USDCAD barely budged in Asia and then slowly eased lower in another deathly dull, Christmas FX market. There are only two days left until Christmas and for FX markets, all the action is occurring in the pubs.
Still, there was a bit of effort. Oil traders tried to drive oil prices higher and were modestly successful as WTI is trading at $35.74/barrel, well off of yesterday’s $33.98 low.
Elsewhere, speculation that China could cut rates again in an effort to spur economic growth, gave Aussie and Kiwi a lift.
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 1.3910-1.3970
Chart USDCAD 30 minute.