USD/CAD Open: 1.0654-1.0657 Overnight Range: 1.0624-1.0658
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.26 and gold is at $1,224. US futures are lower today. Today, the US releases weekly jobless claims data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0743 and 1.0850. Support is at 1.0530 and 1.0270.
Worse than expected Chinese manufacturing data was released overnight. Volumes could still be light as many are still on vacation. US yields continued to creep higher. The USD/CAD was unable to sustain movements above 1.07 and seems to be content rangebound at 1.06. Look for the USD/CAD to follow US yields directionally.
Today’s Suggested Range USD/CAD: 1.0600 – 1.0700
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