USD/CAD Open: 1.0355-1.0357 Overnight Range: 1.0330-1.0367
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $91.94 and gold is at $1,409. NY futures are flat today. Today, the US releases weekly jobless claims and GDP data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0450, and 1.0599. Support is at 1.0235, 1.0150, and 1.0010.
US GDP data came in at 2.4% compared to expectations of 2.5% growth in the first quarter. US weekly jobless claims data were also slightly higher than expected this week. Focus continues to be on determining when the FED will reduce its quantitative easing program.
Today’s Suggested Range USD/CAD: 1.0300 – 1.0400
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