USD/CAD Open: 1.0339-1.0340 Overnight Range: 1.0322-1.0355
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $95.18 and gold is at $1,377. NY futures are higher today. Today, US consumer confidence data is released.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0350 and 1.0450. Support is at 1.0150, 1.0010, and 0.9950.
US markets are higher after a holiday yesterday as Asian and European markets were higher overnight. Tomorrow, the Bank of Canada discusses interest rates, which are not expected to change, but the focus will be on the tone of the statement. Despite higher oil prices and strong equity markets, the Canadian dollar continues to be weak as USD strength is the overpowering theme vs. a broad set of currencies including the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.0275 – 1.0375
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