It's election time almost in Canada but their currency still can't make its mind up how to vote
USDCAD posted 3 month lows of 1.2832 yesterday but the general US$ demand since has seen an attempt to break back up through 1.2900 only to fail thus far.
Currently 1.2902 it's not exactly retreating again just yet after highs of 1.2904 and there's good demand into 1.2860-80 before we look at those recent lows again. More support around 1.2730 then 1.2650.
Decent size offers noted into 1.2950 should we head higher and also large supply into 1.3020 with more at 1.3080
Also note that the BOC meet on Wednesday and that will cast its own shadow to keep the currency pinned down with traders still second-guessing on interest rate moves from the central bank
Oil prices will continue to play their part and a retreat from session highs is adding to USDCAD demand this morning
All delicately poised and we will expect the loonie to remain in the limelight for a few days yet
USDCAD Daily 16 Oct
