USD/CAD Open 1.0195-1.0200 Overnight Range 1.0174-1.0234
The Canadian dollar traded within its well established short term range overnight even as Asian equity markets were roiled by a Chinese economist’s call for China to raise interest rates 2% to stem inflation. The reaction was a tad excessive, in part, reflecting both poor liquidity and rate hike fears. On-going contagion fears in Europe, and bearish EUR/USD technicals kept the EUR under pressure. Month-end portfolio rebalancing efforts, Canada GDP (1.4%) and US data releases (Consumer Confidence, expected 52.7) could add to pressure on the loonie today.
The short term Canadian dollar technicals are unchanged and still mixed. USD gains continue to be capped in the 1.0250-60. US dollar losses are contained in the 1.0150 area. For today, the same as yesterday, USD support is at 1.0170 and 1.0140. Resistance is at 1.0230, 1.0260.
The Canadian dollar is vulnerable to a worse than expected print of GDP data and Canadian dollar selling due to month end portfolio rebalancing. However, steady selling of EUR/CAD, plus rising oil prices will stem Canadian dollar losses.
Today’s Range 1.0160-1.0250
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