USD/CAD Open: 1.1072-1.1075 Overnight Range: 1.1054-1.1135
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.60 and gold is at $1,247. US futures are mixed. Today, ISM mfg. data is released.
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.
Markets are muddled and looking for direction. Corporate earnings releases have been mixed, fears of emerging market contagion, and deflation in Europe all way on risk sentiment. All eyes are on payroll data to be released at the end of the week. The US state department’s release on the XL pipeline is considered positive for Canada and the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.1000 – 1.1100
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