USDCAD Overnight Range 1.3863-1.3900
It is the final day of 2015 and the Canadian dollar will finish the year as the “Biggest Loser”. The Loonie lost 17.8% (at the time of writing) against the US dollar. At the other end of the scale is the Swiss Franc which is almost flat on the year (down 0.15%)
The US dollar had a mixed performance overnight. It was down against the antipodeans and rallied against Europe. As expected volumes were light.
USDCAD trading may get livelier in the run-up to the year-end UK fix at 1600 GMT (8:00 am PST). There are rumours of US dollar demand against all the G-7 currencies except for EURUSD. However, it is just a rumour. Furthermore, many accounts pre-deal their requirements to avoid undue slippage in thin markets.
USDCAD technical outlook
The USDCAD technicals are bullish thanks to twin uptrends; one from the beginning of November which comes into play at 1.3540 and the other from the end of November which is intact above 1.3860. A break below 1.3860 would extend losses to 1.3800 while a move above 1.03940 would target 1.4000.
For today, USDCAD support is at 1.3860, 1.3830 and 1.3810. Resistance is at 1.3905 and 1.3940
Forecasted Range 1.3840-1.3940
Chart USDCAD 4 hours