USD/CAD Open: 1.0948-1.0949 Overnight Range: 1.0948-1.0984
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $93.00 and gold is at $1,276. US futures are higher. Today, the US releases weekly jobless claims, Philly Fed Mfg., and leading indicators data
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.0990. Support is at 1.0725.
The US dollar continues to gain strength. US jobless claims data was in line with expectations this morning. FED minutes revealed some potential hawkish sentiment on interest rates, which had the US dollar moving higher yesterday. Oil prices have also fallen sharply recently, which is Canadian dollar negative, especially below the $100 mark. The key catalyst for the USD/CAD continues to be interest rate policy expectations.
Today’s Suggested Range USD/CAD: 1.0875 – 1.0975
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