USD/CAD Open: 1.3133-1.3134 Overnight Range: 1.3116-1.3182
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $44.14 and gold is at $1,094. US futures are higher. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3198. Support is at 1.3063.
The Canadian dollar continues to trade within last week’s narrow range early this week. Last week’s dual employment release was uneventful, although US employment figures were strong enough for a September rate hike to remain a possibility. Despite the US labour market’s improvement, inflation continues to be low. The Fed will be assessing the economy’s ability to achieve the targeted inflation level of 2% before raising rates. The strong US dollar could be weighing on exports, and subsequently inflation. Oil prices are low, persisting at prices lower than $45/barrel. Relative monetary policy and oil prices will remain the focus for the Canadian dollar in the absence of domestic data releases. The Canadian dollar continues to lack a catalyst in the short-term.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
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