USD/CAD Open: 1.2717-1.2718 Overnight Range: 1.2677-1.2721
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $56.79 and gold is at $1,278. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2733. Support is at 1.2691.
The Canadian dollar is relatively unchanged in light trading early in the week. Oil continues to be well supported around multi-year highs. The Canadian banks will be closed today for Remembrance Day. In the absence of domestic data, markets are looking towards the December central bank meetings. Governor Poloz has downplayed the significance of sluggish inflation, as the Bank of Canada is struggling to achieve the low end of its mandate at 2%. The Fed looks poised to raise rates once more in December, while the BoC is more likely looking towards 2018 for an additional hike. There are no domestic releases of consequence scheduled for today, leaving CAD to trade based on its risk profile.
Today’s Suggested Range USD/CAD: 1.2650 – 1.2750
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