Free Trial

USDCAD Nudges Into Oversold Territory

CANADA
  • USDCAD lifts slightly on initial bank earnings, but at 1.3324 (-0.1%) is just 10 pips off session lows with CAD one of the top performers on the day. Near-term support at 1.3275 (Feb 4 low) and then the key 1.3262 (Feb 2 low).
  • The pair has today squeezed into oversold territory on the 14-day RSI currently at 29.6 (some more on that from yesterday: https://marketnews.com/usdcad-nearing-oversold-territory-but-with-cad-reer-already-below-historical-averages).
  • US data, Fedspeak and bank earnings in focus today, with CAD data taking a back seat. BoC’s Macklem media roundtable remarks at the IMF are embargoed for 1400ET.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.