USD/CAD Open: 1.0960-1.0962 Overnight Range: 1.0932-1.0990
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $100.27 and gold is at $1,295. US futures are lower. Today, the US releases FOMC policy update, GDP and ADP jobs data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.1180 and 1.1260. Support is at 1.0890 and 1.0610.
US GDP data released today was worse than expected with an increase of just 0.1% while there were expectations of a 1% increase. Canadian GDP data grew 0.2% as expected. ADP jobs data released this morning was positive with 220k jobs added stronger than the 210k expected. All eyes remain on the FOMC and their policy update.
Today’s Suggested Range USD/CAD: 1.0950 – 1.1050
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