USD/CAD Open: 1.0974-1.0978 Overnight Range: 1.0942-1.0978
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $93.53 and gold is at $1,279. US futures are positive. Today, the US releases new home sales data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.0990. Support is at 1.0725.
The US dollar remains strong driven by a positive US dollar story on the back of a strengthening economy. The EUR appears to have some weakness driven by lack of inflation and economic uncertainty. The potential deal between Burger King and Tim Hortons could impact the Canadian dollar slightly in due course. For the most part, the USD/CAD appears rangbound.
Today’s Suggested Range USD/CAD: 1.0895 – 1.0995
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