USD/CAD Open: 1.1060-1.1062 Overnight Range: 1.1028-1.1076
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $92.67 and gold is at $1,237. US futures are lower. Today, the US releases retail sales data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.1100. Support is at 1.0850.
The US dollar continues to grind higher. Commodity currencies are weak. US retail sales data released this morning was slightly better than expected indicating the US economy continues to hum along. The strengthening US dollar story is being driven by the thought that the FED is going to start its rate hike cycle sooner rather than later.
Today’s Suggested Range USD/CAD: 1.0990 – 1.1090
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