USD/CAD Open: 0.9790-93 Overnight Range: 0.9758-0.9810
The Canadian dollar traded sideways overnight. Yesterday’s US consumer spending data was slightly weak. NY futures are pointing lower. Oil is at $86.53 and gold is at $1,824. Today, FED minutes are released along with consumer confidence and S&P Case Shiller US housing price data.
The short term Canadian dollar technicals remain negative while the longer term Canadian technicals remain bullish. For today, USD resistance is at 0.9797, 0.9850, and 0.9905. Support is at 0.9747, 0.9700, 0.9667, 0.9615, and 0.9530.
Market sentiment is slightly negative today as European sovereign debt issues take headlines. Italy’s austerity measures could impact growth. EU consumer confidence was weaker than expected. Some traders also expect ECB to change its stance on inflation, potentially delaying rate hikes. All eyes are on the Fed minutes to see if we can gain any further insight as to where the Fed stands on stimulus and tomorrow’s Canadian GDP report if negative, will hurt the loonie.
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Today’s Range: 0.9740 – 0.9840
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