USD/CAD Open: 1.0863-1.0865 Overnight Range: 1.0820-1.0863
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $92.80 and gold is at $1,227. US futures are higher today. Today, the US releases weekly jobless claims.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0870 and 1.0990. Support is at 1.0610 and 1.0270.
FOMC minutes yesterday included a positive growth and employment outlook for the US. The Canadian dollar has been underperforming. With the FED tapering and US yields expected to rise and the Bank of Canada content with the status quo, the US dollar continues to rise on rising US yield expectations. All eyes are on the employment report to be released tomorrow.
Today’s Suggested Range USD/CAD: 1.0800 – 1.0900
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