USDCAD

As outlined in a post yesterday, the USDCAD had retracement resistance at the 1.0216 level.  This is the 61.8% retracement level of the last move down in the USDCAD starting on June 10th.  To review the chart click here. 

The pair tested the 100 hour MA last night at 1.0136 (low 1.0141) and moved its way higher. It has broken above the 61.8% level now and reached a high of 1.0237.  Below the 1.0210 to 1.0216 level will be watched as a stop level for the intraday bullls. 

The USDCAD pair tested the 61.8% retracement level at 1.0216 and backed off (see previous post).  The pair has moved from the high at 102.15 to the low of 1.0184.  I would expect that the pair quiets down as we head further into the Asian session.  With crude oil perhaps influencing trade in the early hours of the new trading day.  Good support comes in at 1.0171. 

The USDCAD is testing the retracement level of 1.0216.  This is the 61.8% retracement level of the move down from the June 10th high of 1.0321 to the low on June 27th at 1.0047.  A break higher would target in the intermediate term, the June 10th high of 1.0321.  On the downside a break below 1.0170 would turn the market to neutral.

The USDCAD which has largely been trading sideways for most of the year, is back at the 100 day MA level. The level comes in at 1.0064.

The pair was largely influenced by the price of oil in the past as Canada is an exporter of oil products.  However, it has not been correlated strongly with the price of oil lately.  Today it seems, the pair is paying attention as Crude Oil heads above $141 per barrel. 

Canada retail sales come in at +0.6 per expctations

Ex autos stronger at +1.1 against +0.6 expected

again more evidence of strength in the candian economy

usd cad trading lower

FLAHERTY SAYS HE EXPECTS CANADA ECONOMY TO EXPAND THIS YEAR

CANADA'S FLAHERTY SIGNALS NO FURTHER ECONOMIC STIMULUS NEEDED

FLAHERTY SAYS CANADA ECONOMIC STIMULUS HELPS OFFSET SLOWDOWN

FLAHERTY SAYS HE'S `COMFORTABLE' WITH ECONOMIC STIMULUS LEVEL

CANADA FINANCE MINISTER FLAHERTY SPEAKS IN TORONTO INTERVIEW

Two days ago BOC shocked the markets by holidng the Bank rate steady -
sending USD/CAD much lower. Now we are seeing a rebound off the lows
range will develop 1.0210 - 1.0240  -
which way the break?

1.0209 is trendline support going back to May 29th.  A break will target lower levels.

BOC is expected to LOWER rates 25bp to 2.75% A pass or comments after the announcement could have a major impact on the USD/CAD which has been trading higher 1.0375 next key level to the top side