USD/CAD Open: 1.2329-1.2331 Overnight Range: 1.2309-1.2348
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $60.01 and gold is at $1,182. US futures are higher. There are no major data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2389. Support is at 1.2259.
The Canadian dollar has softened in response to broad-based US dollar strength, which is a result of positive existing-home sales data and verbage from Fed Governor Powell that a rate hike could come as early as September. Greece’s recent reform proposals have helped alleviate a portion of the short-term Eurozone risk, buoying global markets. In the absence of domestic data releases, the Canadian dollar faces some short-term risk in the form of this week’s heavy release calendar for the United States. It continues to be a US dollar story and the Fed rate hike timing is the key driver.
Today’s Suggested Range USD/CAD: 1.2300 – 1.2400
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