USD/CAD Open: 1.0091-94 Overnight Range: 1.0090-1.0156
The Canadian dollar gained in overnight trading. Yesterday’s report the Germany and France are close to figuring out how to handle the eurozone bailout boosted risk sentiment quickly. Oil is at $88.28 and gold is at $1,650. NY futures are flat. Today, Canada releases leading indicators, while the US releases CPI data.
The short term Canadian dollar technicals remain negative while above parity. For today, USD resistance is at 1.0131, 1.0213, 1.0250, 1.0373, and 1.0450. Support is at 1.0057 and 1.0005.
The markets quickly turned to risk-on base on a rumor that eurozone bailout plan is near agreement, even though it was only a few days ago that a German policymaker indicated it would take a long time. Markets are trading on rumors and headlines at the moment and the Canadian dollar is going along for the ride. The single biggest driver continues to be risk sentiment driven by European headlines and oil prices and corporate earnings will also drive sentiment.
Today’s Range: 1.0040 – 1.0150
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