USD/CAD Open: 1.2994-1.2995 Overnight Range: 1.2980-1.3054
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $54.05 and gold is at $1,226. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3080. Support is at 1.2959.
The Canadian dollar is higher today, underperforming the majority of G10 peers amidst an environment of broad-based USD weakness. Yesterday’s Fed tone was decidedly neutral, sending the US dollar lower as market participants consider the implication for the March Fed meeting, which is still considered “live”. The AUD is the top performer on the session, with the GBP slipping following a BoE rate hold. There is no domestic data scheduled in Canada, leaving CAD to trade based on broader market sentiment.
Today’s Suggested Range USD/CAD: 1.2950 – 1.3050
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