USD/CAD Open: 1.0100-1.0102 Overnight Range: 1.0086-1.0157
The Canadian dollar was rangebound in overnight trading. Oil is at $94.33 and gold is at $1,559. NY futures are mixed. Today, weekly jobless claims are released.
The short term Canadian dollar technicals are mixed. For today, USD resistance is at 1.0225, 1.0350 and 1.0450. Support is at 1.0050, and 1.0010.
Weekly jobless claims were better than expected today potentially quelling some belief of weakness in labor markets. The USD has been under pressure and the loonie is benefiting and is near a 2 month high vs. the USD. A risk-on environment should help the loonie.
Today’s Suggested Range USD/CAD: 1.0050 – 1.0150
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