USD/CAD Open: 1.1053-1.1055 Overnight Range: 1.1053-1.1075
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $96.76 and gold is at $1,260. US futures are higher. Today, new home sales data is released in the US.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.1125 and 1.1260. Support is at 1.0890 and 1.0610.
With no major data releases in Canada until the end of the week, with GDP data to be released, the Canadian dollar will follow global flows and headlines. Inflation is still below expectations in Canada and this has the Bank of Canada in no rush to move on interest rate policy. The Canadian dollar seems to have regained some footing and could remain rangebound. All eyes are on the FOMC this week to see how they continue to taper and on what timing.
Today’s Suggested Range USD/CAD: 1.1000 – 1.1100
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