USD/CAD Open: 1.0501-1.0503 Overnight Range: 1.0476-1.0511
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $110.44 and gold is at $1,429. NY futures are higher today. There are no major data releases today.
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 continue to climb as tensions in Syria escalate with possible US intervention. There are a lot of factors to consider that could impact the Canadian dollar. Escalating tensions in the middle-east could result in much higher oil prices and this could derail global economic growth, which is typically US dollar positive. This could also result in the FED delaying tapering due to global tensions, which could be Canadian dollar positive.
Today’s Suggested Range USD/CAD: 1.0475 – 1.0575
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