USD/CAD Open: 1.1060-1.1062 Overnight Range: 1.1028-1.1089
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $101.20 and gold is at $1,285. US futures are higher. Today, the US will release ISM manufacturing 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.
Yesterday’s stronger than expected GDP data in Canada boosted the Canadian dollar initially, but the US dollar rebounded at the end of the day. The loonie was unable to sustain its momentum. The USD/CAD continues to be rangebound and the Canadian dollar upside continues to be limited by the Bank of Canada tone on interest rates.
Today’s Suggested Range USD/CAD: 1.1000 – 1.1150
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