USD/CAD Open: 1.3097-1.3098 Overnight Range: 1.3075-1.3199
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.10 and gold is at $1,252. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3208. Support is at 1.3023.
CAD is higher this morning, approaching multi-month highs vs. the USD and outperforming all of the G10 currencies. Governor Poloz characterized current rates as “extraordinarily low” on CNBC yesterday. As expectations of a domestic rate hike continue to firm (OIS currently pricing an approximate 40% chance of a July rate hike), CAD has benefitted. There are no domestic data releases, as the major risk to CAD for today’s session is BoC Governor Poloz’s participation in a panel on cycles, growth, and policy.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
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