USD/CAD Open: 1.1105-1.1108 Overnight Range: 1.1054-1.1119
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $93.44 and gold is at $1,212. US futures are lower. Today, the US releases durable goods data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.1120. Support is at 1.0850.
US durable order goods data was slightly weaker than expected. US weekly jobless claims were slightly better than expected. Broad based US dollar strength is impacting the Canadian dollar. The theme driving the US dollar continues to be a strengthening US economy relative to other economies. However, with Canada’s economy closely tied to the US economy over time, Canada should eventually benefit from a strengthening US economy.
Today’s Suggested Range USD/CAD: 1.1050 – 1.1150
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