USD/CAD Open: 1.0817-1.0819 Overnight Range: 1.0796-1.0828
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $100.62 and gold is at $1,312. US futures are higher. Today, the US releases consumer confidence data.
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.
The US dollar continues to trade in a tight range. US yields continue to rise. Geopolitical events seem to be contained and don’t seem to be a near term catalyst to push the US dollar higher. With no major domestic data releases in Canada, the Canadian dollar will continue to move with global risk sentiment.
Today’s Suggested Range USD/CAD: 1.0750 – 1.0850
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