USDCAD Overnight Range 1.2509-1.2613
The US dollar is in full retreat, especially against EUR on the back of rising expectations that a US rate hike is a lot further down the road than previously expected. The Loonie is benefitting from the move and ignoring bearish remarks from the Saudi oil minister. He said that Saudi Arabia would only consider production cuts if non Opec nations cooperated. WTI oil prices are off their lows but the technicals remain bearish.
The US dollar opened the week trading lower in Asia. NZDUSD surged on better than expected consumer confidence data taking the Aussie along for the ride. USDJPY was quiet on the approach to Japan’s fiscal year end of March 31. The US dollar bounced early in the European session but those gains faded rapidly. Positive sounding headlines on Greece debt negotiations and ongoing US dollar position adjustment, post FOMC, drove EURUSD toward 1.0900.
There are two Fed speakers on tap today, Vice Chair Stanley Fisher, and John Williams. President of the San Francisco Federal Reserve
USDCAD technical Outlook
The intraday USDCAD technicals are bearish while trading below 1.2650. This morning’s break of 1.2530 supports additional losses below 1.2510 to the 1.2340-60 area. To the top, a move above resistance at 1.2550 would lead to 1.2590, which if broken points to 1.2650. The uptrend from the November low remains intact above 1.2440-60 area.
Today’s Range 1.2490-1.2560