USD/CAD Open 1.0108-13 Overnight Range 1.0108-1.0163
The CAD drifted higher in overnight trading in part due to general USD weakness vs. the majors (except yen) following yesterday’s rapidly revised US Nonfarm payroll expectations suggesting that the forecasts of +200k will be on the high side. Meanwhile, global equity indices were all higher as are North American futures. Commodity prices are also firmer with gold at $1,116.90 and oil at $84.45. US data releases include, ISM Manufacturing, and jobless claims.
The short term CAD technicals are unchanged and bullish looking for a re-test of 1.0040, while trading below 1.0220. For today, USD support is at 1.0090, 1.0070 and, 1.0040 with resistance at 1.0140, 1.0160 and 1.0190.
Trading is likely to get quite thin this afternoon as most of the world, except the US try for an early start to the Easter long weekend. Tomorrow’s, US employment data release may encourage position squaring. Take advantage of any CAD weakness to sell USD/CAD for an eventual break of 1.0000.
Today’s Range 1.0060-1.0140
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