USD/CAD Open: 1.0557-1.0559 Overnight Range: 1.0516-1.0570
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $95.44 and gold is at $1,245. NY futures are higher today. Today, retail sales and CPI data are released.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0580 and 1.0850. Support is at 1.0270, 1.0150, and 1.0010.
Canadian retail sales were stronger than expected this morning and this gave the loonie a small boost after it fell lower overnight. Inflation data this morning was below expectations, which continues to indicate there is significant slack in the economy and is negative for the Canadian dollar. The US dollar continues to grind higher over time.
Today’s Suggested Range USD/CAD: 1.0500 – 1.0600
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