USD/CAD Open: 1.0555-1.0557 Overnight Range: 1.0520-1.0583
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $93.50 and gold is at $1,231. NY futures are higher today. There are no major data releases today.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0580 and 1.0850. Support is at 1.0270, 1.0150, and 1.0010.
Oil prices are lower on the back the Iran nuclear deal with world powers. This week could be quiet with US Thanksgiving approaching. The US dollar remains strong as US yields are higher, supporting a flow of funds in to the US. Soft data on Friday in Canada is not helping the loonie. Look for the USD/CAD to continue to look for direction from US yields, commodities, and geographic economic growth.
Today’s Suggested Range USD/CAD: 1.0500 – 1.0600
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