USD/CAD Open: 1.0431-1.0433 Overnight Range: 1.0394-1.0445
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $104.52 and gold is at $1,365. NY futures are lower today. Today, the FED minutes are released.
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 US dollar is higher today in advance of FED minutes to be released. Markets are looking for commentary on tapering timing. Weak Canadian wholesale data released yesterday impacted the Canadian dollar negatively. The Canadian dollar has weakened of late with weaker Canadian data releases relative to that of the US and potential FED tapering, which bodes well for the US dollar.
Today’s Suggested Range USD/CAD: 1.0400 – 1.0500
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