USD/CAD Open: 1.0640-1.0642 Overnight Range: 1.0631-1.0665
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $93.74 and gold is at $1,220. NY futures are lower today. There are no major data releases today.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0671 and 1.0850. Support is at 1.0530 and 1.0270.
Stronger than expected US ISM data yesterday has many wondering if the FED will taper sooner rather than later as US yields ticked higher. The Bank of Canada releases its update tomorrow but not much is expected to change. Friday’s jobs data release is what everyone has their eye on.
Today’s Suggested Range USD/CAD: 1.0600 – 1.0700
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