USD/CAD Open: 1.0925-1.0927 Overnight Range: 1.0912-1.0943
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $102.64 and gold is at $1,304. US futures are higher. Today, FOMC minutes are released.
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.
FOMC minutes are released today and they will be closely followed. All eyes are on the US interest rate outlook. Risk sentiment has improved over the last several weeks and this is assisting the Canadian dollar’s recent strength. Recent Canadian data releases will force the Bank of Canada’s hand at the next BOC policy update.
Today’s Suggested Range USD/CAD: 1.0900 – 1.1025
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