USD/CAD Open: 1.1240-1.1242 Overnight Range: 1.1230-1.1262
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $99.31 and gold is at $1,339. US futures are higher. Today, Canada releases CPI and retail sales data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.1180 and 1.1260. Support is at 1.0890 and 1.0610.
The Canadian dollar is higher this morning on the back of a stronger than expected CPI and retail sales data release. This might be a sigh of relief for those hoping for a higher loonie but the underlying trend is still a stronger US dollar because the Bank of Canada appears dovish while the FED appears hawkish. Interest rate policy seems to be the biggest driver of the USD/CAD and it will take several surprises to the upside for Canadian data to change current momentumn.
Today’s Suggested Range USD/CAD: 1.1150 – 1.1299
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