USD/CAD Open: 1.1054-1.1057 Overnight Range: 1.1029-1.1091
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $100.22 and gold is at $1,280. US 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 1.1180 and 1.1260. Support is at 1.0890 and 1.0610.
New Fed Chair Janet Yellen indicated the US FED will follow the low interest rate path as presented by its predecessor Ben Bernanke. Overall volatility has started to decrease and the Canadian dollar seems to have settled. The Federal Budget is released today but is not expected to have any major impact on the loonie. Look for the Canadian dollar to follow global sentiment.
Today’s Suggested Range USD/CAD: 1.1000 – 1.1100
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