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USD/CAD Open: 1.2553-58, Overnight Range: 1.2519-1.2555, Previous Close: 1.2522
WTI Oil is at $60.52 and gold is at $1,745.00. US markets are mixed today.
For today, USD resistance is at 1.2580. Support is at 1.2522.
• Global equity indexes rally, as does US dollar
• Worse than expected EU employment data weighs on EURUSD
• US dollar claws back some of yesterday’s losses
The Canadian dollar rally faltered yesterday, and the currency retreated. USDCAD probed support in the 1.2510 area yesterday and then retreated steadily, reaching 1.2573 in NY today. Renewed US dollar demand against the major G-10 currencies and a drop in West Texas Intermediate oil to $57.70/barrel from $61.36/b yesterday fueled the USDCAD gains.
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The Canadian dollar downside may be limited due to expectations from spill-over benefits to Canada from the US stimulus plans and rising numbers of Canadians that are getting COVID-19 vaccines. The Canadian dollar continues to be underpinned by the oil price outlook.
Analysts expect higher prices as global economic recovery spurs demand, despite OPEC’s plans to phase out existing production cuts.
Europe returned from a four-day weekend, and traders promptly bought stocks.
The UK FTSE 100 has gained 1.29%, while Germany’s DAX is not far behind, rising 1.19%. Wall Street futures are modestly lower after closing at record highs yesterday.
Gold prices climbed 0.35%
EURUSD is consolidating yesterday’s gains. Prices are trading at the bottom of the 1.1796-1.1821 overnight range, with higher than expected EU unemployment numbers contributing to the retreat. The US post-pandemic economic recovery fueled by massive US stimulus plans and the high number of Americans that have received a COVID -19 vaccination contrasts sharply with the EU, which is still dealing with COVID-19 lockdowns.
However, the short term EURUSD technicals are bullish above 1.1760.
GBPUSD gave back all of yesterday’s gains when prices dropped from 1.3917 to 1.3819. GBPUSD support is at 1.3810, which, if broken, will extend losses to 1.3710.
USDJPY traded in a 110.14-110.54 range with US 10-year Treasury yields at 1.704% underpinning prices.
The intraday technicals are bullish above 110.00, looking for a break of 110.90 to extend gains to the 112.00 area.
AUDUSD didn’t get any help from the Reserve Bank of Australia monetary policy meeting. AUDUSD tracked broad US dollar sentiment while ignoring better than expected China Caixin Services PMI and Composite PMI data. AUDUSD dropped to 0.7607 from 0.7660. The RBA left rates and monetary policy unchanged. The RBA is starting to get concerned about rising house prices. They said, “ Given the environment of rising housing prices and low interest rates, the Bank will be monitoring trends in housing borrowing carefully, and it is important that lending standards are maintained.” Perhaps the Bank of Canada will follow suit at the April 21 meeting.
Today’s Suggested Range USD/CAD: 1.2510 – 1.2610
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