USD/CAD Open: 1.0255-1.0257 Overnight Range: 1.0210-1.0257
The Canadian dollar was rangebound in overnight trading. Oil is at $87.93 and gold is at $1,383. NY futures are lower. Today, the Bank of Canada releases its interest rate announcement.
The short term Canadian dollar technicals are mixed. For today, USD resistance is at 1.0265, 1.0350 and 1.0450. Support is at 1.0150, 1.0050, and 1.0010.
Global growth worries and weak earnings are rattling markets and markets remain fragile. The IMF has downgraded its global growth outlook. The flow has flocked to the USD for safety. Risk appetite remains weak. All eyes are on the Bank of Canada today.
Today’s Suggested Range USD/CAD: 1.0200 – 1.0300
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