USD/CAD Open: 1.0729-1.0731 Overnight Range: 1.0713-1.0749
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $102.80 and gold is at $1,299. US futures are higher. Today, the US releases weekly jobless claims.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.0850 and 1.0990. Support is at 1.0620 and 1.0510.
Overnight, Chinese data was better than expected. This morning, US weekly jobless claims data was better than expected. The Canadian dollar continues to trade rangebound for the most part, content in its recent range. While Canadian dollar bulls continue to point to strengthening data points and CPI, Canadian dollar bears point to Bank of Canada’s tone on interest rates.
Today’s Suggested Range USD/CAD: 1.0700 – 1.0800
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