USD/CAD – Hovers Under 1.40, the Catalyst is Still Risk Sentiment

The Dollar traded in a relatively tight range against the Canadian Loonie in thin, holiday-affected trade. The overall range for the USD/CAD pair was 1.2164-1.40075. Relatively stable Oil prices have supported the Canadian Dollar. After some extreme volatility in April, the USD/CAD has consolidated in a relatively stable 1.3870-1.4120 range.

USDCAD Chart - FXStreet - 26 May 2020
USDCAD Chart – FXStreet – 26 May 2020

Outgoing Bank of Canada Governor Stephen Poloz is speaking tonight (7 am Sydney time, 27 May) together with Deputy Governor Carolyn Wilkins before the Senate Committee on National Finance.
US data releases today will also impact the Loonie.

USD/CAD has immediate support at 1.3965 (overnight low 1.39687) followed by 1.3920. Immediate resistance can be found at 1.4010 (overnight high 1.40075) followed by 1.4050. Look for a likely trading range today of 1.3965-1.4015. Prefer to buy USD/CAD dips.

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