USD/CAD Open: 1.1041-1.1043 Overnight Range: 1.1020-1.1052
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $99.83 and gold is at $1,274. US 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 1.1180 and 1.1260. Support is at 1.0890 and 1.0610.
Oil is back near a $100/bbl. CFTC speculators continue to be short the Canadian dollar. The Canadian dollar benefited from gains in employment on Friday. Much of the outlook for the Canadian dollar depends on the outlook for inflation and jobs. The USD/CAD could be rangebound for the most part following general sentiment.
Today’s Suggested Range USD/CAD: 1.1000 – 1.1100
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