USD/CAD Open: 1.0333-1.0335 Overnight Range: 1.0316-1.0341
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $106.92 and gold is at $1,374. NY futures are flat today. Today, there are no major data releases.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0430, 1.0580 and 1.0850. Support is at 1.0250, 1.0150, and 1.0010.
The USD/CAD continues to be rangebound and consolidating between 1.0250 and 1.0450 for the most part, looking for a catalyst. US bond yields continue to rise in a sign that FED tapering may take place soon. Recent Canadian data releases have not been overwhelmingly positive and this does not bode well for the Canadian dollar in the face of strong US data and possible US tapering.
Today’s Suggested Range USD/CAD: 1.0275 – 1.0375
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