USD/CAD Open: 1.0279-1.0281 Overnight Range: 1.0252-1.0285
The Canadian dollar was rangebound in overnight trading. Oil is at $88.81 and gold is at $1,416. NY futures are higher. Today, the US releases new home sales.
The short term Canadian dollar technicals are mixed. For today, USD resistance is at 1.0350 and 1.0450. Support is at 1.0150, 1.0050, and 1.0010.
Weak data overnight from China and Germany has created a risk-off trade for the loonie. This is partially offset by better than expected retail sales data in Canada today. The focus remains on watching global growth, which could drive the direction of the loonie.
Today’s Suggested Range USD/CAD: 1.0200 – 1.0300
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