USD/CAD Open: 1.2230-1.2232 Overnight Range: 1.2210-1.2288
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $56.52 and gold is at $1,197. US futures are positive. Today, there are no major data releases.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2490. Support is at 1.2170.
The US dollar has some broad based weakness overnight. Germany is expecting an improved growth outlook, China is adding more stimulus to boost its economy. Oil prices seem to have stabilized. Yesterday’s federal budget had little impact on the Canadian dollar as expected. Look for USD/CAD to remain rangebound with no major data releases.
Today’s Suggested Range USD/CAD: 1.2200 – 1.2300
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