USD/CAD Open 1.0155-60 Overnight Range 1.0149-1.0202
The CAD managed to recoup yesterday’s small losses in an uneventful overnight session as trading was thin due to the Japanese year end. Rumours abound that month end/quarter end rebalancing flows will be net US dollar selling, which should help the CAD. Global equity indices were mixed with Asia down and Europe higher. NY futures are flat. Oil is higher at $82.92/bbl. Gold prices are up $4.20 to $1,108.70. US data releases include ADP (forecast +40k), Chicago ISM (forecast 61) and Factory orders (Forecast 0.5%). Canada releases GDP, expected to rise 0.5% m/m.
The short term CAD technicals are bullish looking for a re-test of 1.0040, while trading below 1.0220. A move above 1.0220 would suggest further consolidation. For today, USD support is at 1.0140, 1.0110 and 1.0070. Resistance is at 1.0190, and 1.0220.
It is month end and quarter end which normally means large rebalancing flows leaving the loonie vulnerable to large one-off flows. In addition, Friday’s US nonfarm payroll number, forecast around +200K will be released when Canada and European markets are closed for Good Friday.
Today’s Range 1.0110-90
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