USD/CAD Open: 1.0895-1.0897 Overnight Range: 1.0890-1.0960
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $94.00 and gold is at $1,286. US futures are flat. Today, there are no major data releases today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.0990. Support is at 1.0725.
The Canadian dollar is higher overnight partly driven by a weak US dollar and also possibly by the Canadian dollar requirement of the Tim’s/Burger King deal. USD/CAD seems content around the 1.09 USD/CAD level. Friday’s GDP data is in focus and could be the next catalyst for the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.0875 – 1.0975
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