USD/CAD Open: 1.3196-1.3197 Overnight Range: 1.3163-1.3202
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.27 and gold is at $1,246. US markets are lower. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3230. Support is at 1.3152.
The Canadian dollar is extending the gains made following this weekend’s G20 meeting. The recovery in oil prices is providing a tailwind to CAD, as domestic oil prices have improved markedly. Market participants will look towards the statement tone at tomorrow’s Bank of Canada rate decision. Domestic rate expectations have softened of late, pricing in one 25bp rate hike by March of 2019. There are no domestic releases of consequence scheduled for today.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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