USD/CAD Open: 1.0988-1.0990 Overnight Range: 1.0959-1.1015
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $92.42 and gold is at $1,250. US futures are lower. Today, there are no major data releases.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.1005. Support is at 1.0725.
The US dollar was stronger yesterday but was unable to sustain a close above 1.1005, a key technical level. Broad based US dollar strength is being driven by the thought that the FED will raise rates sooner rather than later based on the strengthening US economy, although there hasn’t been specific commentary by the FED indicating so. With no major data releases today, look for USD/CAD to be rangebound.
Today’s Suggested Range USD/CAD: 1.0950 – 1.1050
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