USD/CAD Open: 1.0885-1.0889 Overnight Range: 1.0857-1.0906
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $96.49 and gold is at $1,299. US futures are higher. There are no major data releases today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.0990. Support is at 1.0725.
The Canadian dollar has held on to gains from Friday after the revised jobs data report, which was stronger than the earlier release. The main themes impacting the Canadian dollar are domestic economic performance, oil and commodity prices, yields, and the Bank of Canada policy outlook. The key data release this week for the Canadian dollar is inflation data, which is closely followed by the Bank of Canada.
Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
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