USD/CAD Open: 1.1028-1.1029 Overnight Range: 1.1003-1.1045
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $101.44 and gold is at $1,294. US futures are higher. Today, Canada releases GDP 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.
Canadian GDP data released this morning was better than expected with 0.5% growth compared to -0.5% in December. The Canadian dollar was marginally higher after the data release. Month-end flows could cause some volatility today. Speculation that China will add stimulus to boost their economy has risk appetite higher, which is typically Canadian dollar supportive.
Today’s Suggested Range USD/CAD: 1.1000 – 1.1150
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