USD/CAD Open: 1.0451-1.0454 Overnight Range: 1.0449-1.0484
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $96.28 and gold is at $1,327. NY futures are lower today. Today, the US releases weekly jobless claims.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0460, 1.0580 and 1.0850. Support is at 1.0150, and 1.0010.
Weekly jobless claims data came in as expected today. Yesterday, the US Federal Reserve provided a less dovish than expected statement yesterday. Tapering could now arrive sooner than expected and the market is preparing for it. Month-end flows could cause some volatility today.
Today’s Suggested Range USD/CAD: 1.0400 – 1.0500
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