USD/CAD Open: 1.0429-1.0431 Overnight Range: 1.0431-1.0455
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $98.14 and gold is at $1,346. NY 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 1.0460, 1.0580 and 1.0850. Support is at 1.0150, and 1.0010.
Corporate earnings and economic data will generate headlines today. Bank of Canada’s Governor Poloz will be in front of the House of Commons today, which could generate some headlines if further insight is provided to the BOC’s stance on upside and downside risks. The Canadian dollar could rally if downside risks were downplayed significantly and a tightening bias was reinstated.
Today’s Suggested Range USD/CAD: 1.0400 – 1.0500
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