USDCAD Overnight Range 1.33300-1.3342
USDCAD has been fairly active although in a narrow range as profit taking sellers compete with USDCAD buyers encouraged by a weaker EURUSD and soft oil prices. This afternoon’s weekly EIA Crude Oil Stocks Change report could trigger a sharp move in either direction depending on the size of the build or the draw-down.
Today, US Industrial Production data (IP) fell 0.2%, a tad softer than expected while US CPI was in line with forecasts.
Overnight, EURUSD remained under pressure. The RBA minutes were pretty neutral which helped AUDUSD drift higher. Eurozone and German ZEW data were mixed and ignored by traders as the focus is on tomorrows FOMC minutes. UK CPI was unchanged and a non-event.
For today, USDCAD trading is at the mercy of general US dollar sentiment vs the majors and WTI price swings.
USDCAD technical outlook
The intraday USDCAD technicals are bearish while trading below 1.3330-35 representing a very minor downtrend from yesterday’s 1.3365-70 peak. A move above 1.3335 points to further gains to 1.3370 and then 1.3410 while a move below 1.3290 delays the rally. The USDCAD uptrend from October remains intact. For today, USD support is at 1.3290-1.3300 and 1.3270. Resistance is at 1.3335 and 1.3375
Forecast Range for the day 1.3270-1.3330