USD/CAD Open: 1.0901-1.0903 Overnight Range: 1.0860-1.0910
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $92.30 and gold is at $1,249. US futures are higher today. Today, US retail sales data is released.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0960 and 1.1000. Support is at 1.0610 and 1.0270.
US retail numbers were stronger than expected this morning and this had the US dollar rallying slightly. US yields remain firm and should directionally move the USD/CAD. Worries that the Canadian economy remains slightly soft, while the US economy is picking up is hurting the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
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