USD/CAD Open: 1.0964-1.0968 Overnight Range: 1.0948-1.1026
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $94.86 and gold is at $1,222. US futures are mixed. Today, the US releases weekly jobless claims.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.1100. Support is at 1.0850.
US weekly jobless claims data was better than expected. The central bank in China reduced borrowing costs for banks to stimulate the economy, which is global growth positive. The FED indicated yesterday that interest rate changes are data dependent. USD/CAD was volatile yesterday trying to interpret economic data and the FED release. USD/CAD has been comfortable oscillating around the 1.09 USD/CAD level.
Today’s Suggested Range USD/CAD: 1.0925 – 1.1025
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