USD/CAD Open: 1.0669-1.0670 Overnight Range: 1.0608-1.0681
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $94.15 and gold is at $1,240. US futures are higher today. Today, US service sector and factory order data are released.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0743 and 1.0850. Support is at 1.0530 and 1.0270.
Fed minutes are released this week along with employment data at the end of the week. The USD/CAD has been rangebound between 1.06 and 1.07 for the most part looking for direction. Interest rates continue to be a big driver of the USD/CAD. Many expect Canadian dollar weakness to continue until inflation picks up in Canada.
Today’s Suggested Range USD/CAD: 1.0600 – 1.0700
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