USD/CAD Open: 1.1001-1.1003 Overnight Range: 1.0982-1.1019
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $103.81 and gold is at $1,302. US futures are positive. Today, the US releases weekly jobless claims and Canada releases CPI 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.
US weekly jobless claims data was better than expected. The FED’s Yellen indicated yesterday many economists see a full return to employment by end of 2016. The Bank of Canada yesterday kept interest rates at 1% as expected and had a neutral tone on policy. Canadian inflation data released this morning was slightly stronger than expected but not enough to make a significant move on USD/CAD. The loonie continues to be rangebound around 1.10.
Today’s Suggested Range USD/CAD: 1.0975 – 1.1075
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