USD/CAD Open: 1.0440-1.0442 Overnight Range: 1.0409-1.0451
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.16 and gold is at $1,342. NY futures are flat today. Today, the US releases durable goods, U of Mich. consumer sentiment, and wholesale inventories data today.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0420, 1.0580 and 1.0850. Support is at 1.0150, and 1.0010.
Corporate earnings continue to be released and over 70% have beat earnings expectations. Data releases today should help drive sentiment in the market. The Bank of Canada growth forecast reduction and lack of rate hike urgency has really impacted the Canadian dollar hard. With no short term hope for any movement in the interest rates, the Canadian dollar is losing flows.
Today’s Suggested Range USD/CAD: 1.0400 – 1.0500
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