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USD/CAD Open: 1.3309-1.3310 Overnight Range: 1.3307-1.3346
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.02 and gold is at $1,229. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3365. Support is at 1.3289.
CAD is trading lightly, failing to extend Fed-driven gains made on Wednesday. CAD is underperforming most of the G10 amidst an environment of broad-based USD weakness, alongside commodity block peers AUD and NZD. Drivers of the USD remain supportive against G10 peers, suggesting limited further downside following Wednesday’s slide. Domestic risk is limited throughout today’s session, leaving CAD to trade based on market sentiment.
Today’s Suggested Range USD/CAD: 1.3250 – 1.3350
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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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