USD/CAD Open: 1.0203-1.0205 Overnight Range: 1.0125-1.0226
The Canadian dollar was volatile in overnight trading. Oil is at $89.60 and gold is at $1,409. NY futures are lower. Today, Empire State Mfg. data is released.
The short term Canadian dollar technicals are mixed. For today, USD resistance is at 1.0225, 1.0350 and 1.0450. Support is at 1.0050, and 1.0010.
Overnight, Chinese GDP data was worse than expected sending equity and commodity markets lower. Gold and oil have taken a hit and are lower. Oil is below $90/bbl. Gold has fallen almost $100/oz over the last few days. The loonie, a commodity currency, has fallen as a result as well. The risk off trade typically benefits the US dollar.
Today’s Suggested Range USD/CAD: 1.0150 – 1.0250
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