USD/CAD Open: 1.0634-1.0637 Overnight Range: 1.0634-1.0656
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $98.40 and gold is at $1186. US futures are higher today. Today, the US releases consumer confidence and home price data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0743 and 1.0850. Support is at 1.0530 and 1.0270.
Volume should remain thin during this holiday season. US yields remain around 3%. The Canadian dollar had rallied yesterday and this could be due to some position squaring heading and month end flows as we head in to the New Year. The Canadian dollar could be rangebound for the most part but flows and thin trading could cause some volatility.
Today’s Suggested Range USD/CAD: 1.0600 – 1.0700
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