USD/CAD Open: 1.0890-1.0892 Overnight Range: 1.0880-1.0906
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $104.45 and gold is at $1,264. US futures are lower. Today, there are no major data releases.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.1180 and 1.1260. Support is at 1.0800 and 1.0610.
The World Bank downgraded its global growth forecast due to a tough winter and Russia and Ukraine issues. Oil prices are strong. The Canadian dollar is surprisingly stronger this morning considering US equities are lower and negative sentiment in some headlines. With no major data releases today, look for the Canadian dollar to remain rangebound.
Today’s Suggested Range USD/CAD: 1.0850 – 1.0950
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