USD/CAD Open: 1.0446-1.0448 Overnight Range: 1.0428-1.0451
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.57 and gold is at $1,352. NY futures are flat today. There are no major data releases today.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0460, 1.0580 and 1.0850. Support is at 1.0150, and 1.0010.
The US dollar has been rising over the last week and it has momentum on its side. The Bank of Canada policy shift continues to hurt the Canadian dollar. Corporate earnings continue to be released and could result in a risk-on environment if earnings continue to surprise. All eyes are on this week’s FOMC rate decision mid week.
Today’s Suggested Range USD/CAD: 1.0400 – 1.0500
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