USDCAD Overnight Range 1.2468-1.2535
Friday the 13th is not considered much of a lucky day (just ask the folks at Camp Crystal Lake) and it appears traders took note and stayed on the sidelines. The Asian session showed some signs of life but not to the degree seen earlier this week. A speech by Glen Stevens, governor of the RBA, appeared to downplay the prospects for another rate cut any time soon and AUDUSD bounced. USDJPY losses in Asia were reversed in London.
In Europe, the Greek’s appear to have dialed back on the inflammatory rhetoric which has helped EURUSD hang on to earlier gains above 1.1400. The Russian/Ukraine ceasefire has eased tensions, somewhat which has helped EURUSD.
USDCAD dropped through support at 1.2510 following the release of Manufacturing Shipments which (Actual 1.7%, vs. Forecast 1%) while WTI prices gained. (Currently $52.75) However, a lack of Canadian data next week and on-going negative sentiment should limit USDCAD losses. US and Canadian holidays on Monday should ensure a quiet afternoon session, today.
USDCAD technical Outlook
The short term technicals are mixed as USDCAD is stuck the 1.2380-1.2680 trading band. Intraday, the technicals are bearish while trading below 1.2510 but needing a break of 1.2445-50 to extend losses to 1.2380. Above 1.2510 targets 1.2570 and 1.2610.
Today’s Range 1.2440-1.2510