USD/CAD Open: 1.1779-1.1781 Overnight Range: 1.1761-1.1849
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $50.78 and gold is at $1,196. US futures are negative. Today, there are no major data releases.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1880. Support is at 1.1543.
Oil prices are down to new 5 year lows. The Canadian dollar continued to be slaughtered over the last few days. The Euro is also down to 9 year low vs. the US dollar. All eyes are on FED minutes and US jobs data to be released on Wednesday and Friday respectively. The US dollar remains strong across the board as the US dollar index is at a 9 year high. A rise in oil prices seems to be the catalyst needed for the Canadian dollar to rebound.
Today’s Suggested Range USD/CAD: 1.1750 – 1.1850
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