USD/CAD Open: 1.1121-1.1123 Overnight Range: 1.1092-1.1137
The Canadian dollar was volatile in overnight currency exchange markets. Oil is at $92.85 and gold is at $1,218. US futures are flat. Today, the US releases consumer confidence data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.1120. Support is at 1.0850.
US GDP data came in as expected this morning. The Canadian dollar continues to struggle in the face of broad based US dollar strength. The Bank of Canada has recently slapped around loonie bulls with its commentary on interest rates. The catalyst for the Canadian dollar remains domestic economic growth.
Today’s Suggested Range USD/CAD: 1.1050 – 1.1150
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