USD/CAD Open: 1.0385-1.0387 Overnight Range: 1.0361-1.0390
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $109.07 and gold is at $1,290. NY futures are lower today. Today, Canada releases CPI data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0599 and 1.0850. Support is at 1.0340, 1.0299, 1.0150, and 1.0010.
Canadian CPI is the only data piece today and a stronger than expected number could cause the Canadian dollar to rally. Oil prices continue to climb and are quite strong, which is a Canadian dollar positive. The USD/CAD has been rangebound of late looking for a catalyst.
Today’s Suggested Range USD/CAD: 1.0325 – 1.0425
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