USD/CAD Open: 1.1020-1.1022 Overnight Range: 1.1000-1.1054
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $101.12 and gold is at $1,299. US futures are negative. Today, the US releases consumer sentiment data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.1180 and 1.1260. Support is at 1.0890 and 1.0610.
Russia’s debit rating was cut to just above junk by S&P citing capital outflows from the country. Russia in response has raised its interest rate to attract capital. Geopolitical tensions continue to linger. USD/CAD continues to be rangebound near the 1.10 level and seems quite content in its recent range. Look for the Canadian dollar to follow general market sentiment.
Today’s Suggested Range USD/CAD: 1.0975 – 1.1075
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