USD/CAD Open: 1.0529-1.0531 Overnight Range: 1.0497-1.0539
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $108.09 and gold is at $1,419. NY futures are lower today. Today, the US releases home price and consumer confidence data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0580 and 1.0850. Support is at 1.0470, 1.0250, and 1.0150.
Oil prices are higher over worries over intervention in Syria and markets are starting to worry slightly as well. The US debt ceiling will be hit in October and this could be a drawn out battle between Republicans and Democrats causing some uncertainty over time. The US dollar remains strong on the back of FED tapering to commence in September.
Today’s Suggested Range USD/CAD: 1.0475 – 1.0575
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