USD/CAD Open: 1.2388-1.2390 Overnight Range: 1.2370-1.2400
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $59.87 and gold is at $1,173. US futures are higher. Today, the EIA releases oil inventories.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2444. Support is at 1.2298.
The Canadian dollar has remained flat in the absence of meaningful domestic events yesterday. Worrisome Greek headlines could serve to weigh on markets, as Greece tensions with its creditors continue to escalate, with no deal in sight. The United States released core PCE inflation data this morning, which fell in line with expectations of 1.2% year-over-year. Inflation remains below the Fed’s target of 2% for 2015, and this data will factor into future rate decisions. This will continue to be a US dollar story as the Canadian dollar remains without a catalyst as oil remains flat.
Today’s Suggested Range USD/CAD: 1.2300 – 1.2400
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