USD/CAD Open: 1.1067-1.1069 Overnight Range: 1.1045-1.1086
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $98.11 and gold is at $1,261. US futures are higher. Today, US weekly jobless claims 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.
The ECB kept rates unchanged. Inflation in the eurozone is well below 2% and many expect some sort of policy action soon. Oil prices are slowly creeping higher, which should eventually benefit the Canadian dollar. All eyes are on payroll data to be released tomorrow which should provide some direction to the USD/CAD.
Today’s Suggested Range USD/CAD: 1.1040 – 1.1140
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