USD/CAD Open: 1.3109-1.3110 Overnight Range: 1.3018-1.3130
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $37.50 and gold is at $1,241. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3176. Support is at 1.3008.
The Canadian dollar opens the morning flat, trading at levels common to this week. In the absence of domestic data leading up to tomorrow’s employment report, the focus will remain on the broader tone for CAD. Commodities and US equities are lower, which does not bode well for commodity currencies like CAD. Tomorrow’s employment report for March will provide an additional data point in analyzing how the Canadian labour market performed in Q1 of this year. We expect CAD to follow its key drivers of oil prices and relative policy leading up to tomorrow’s employment report.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
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