USD/CAD Open: 1.0922-1.0925 Overnight Range: 1.0888-1.0929
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $92.16 and gold is at $1,246. US futures are lower today. There are no major data releases today.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0870 and 1.0990. Support is at 1.0610 and 1.0270.
A weak US and Canadian jobs data report on Friday rattled the currency markets. Continued weakness in Canadian jobs could have the Bank of Canada leaning towards a rate cut, which could further weaken the loonie. The direction of USD/CAD seems to be based on economic data and the country that outperforms expectations.
Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
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