USD/CAD Open: 1.0747-1.0749 Overnight Range: 1.0727-1.0753
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.45 and gold is at $1,318. US futures are lower. There are no major data releases today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.0850 and 1.0990. Support is at 1.0620 and 1.0510.
Further sanctions against Russia seem inevitable now. The US dollar is slightly stronger overnight. The focus is on geopolitical events and earning releases today. The focus on data remains key as the Canadian dollar will likely be guided by jobs, GDP, and inflation data. Look for the Canadian dollar to be rangebound until the next major data release.
Today’s Suggested Range USD/CAD: 1.0700 – 1.0800
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