USD/CAD Open: 1.0690-1.0695 Overnight Range: 1.0647-1.0719
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $93.90 and gold is at $1,235. US futures are higher today. Today, the US releases trade data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0743 and 1.0850. Support is at 1.0530 and 1.0270.
German employment was reported better than expected, while inflation in Europe was lower than expected overnight. Minister Flaherty indicated yesterday a weaker Canadian dollar could be expected. The USD/CAD continues to remain rangebound looking for direction.
Today’s Suggested Range USD/CAD: 1.0650 – 1.0750
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