USD/CAD Open: 1.0957-1.0959 Overnight Range: 1.0955-1.0995
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $93.65 and gold is at $1,290. US futures are positive. Today, the US releases durable goods data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.0990. Support is at 1.0725.
The US dollar continues to retain its strength for the most part but cannot break through the 1.10 USD/CAD level. The catalyst for the Canadian dollar continues to be interest rate expectations and it appears the Bank of Canada’s focus remains on growth vs. inflation. Stronger than expected data releases from the US should assist the US dollar.
Today’s Suggested Range USD/CAD: 1.0895 – 1.0995
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