USD/CAD Open: 1.0865-1.0868 Overnight Range: 1.0851-1.0872
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $106.00 and gold is at $1,266. US futures are lower. Today, weekly jobless claims and retail sales data are released.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.1180 and 1.1260. Support is at 1.0800 and 1.0610.
Oil continues to move higher. Weekly jobless claims in the US were worse than expected along with May retail sales data. The Canadian dollar is stronger overnight, which could be due to strengthening oil prices. Flow of funds could also be the cause. Tensions in Iraq are causing higher oil prices.
Today’s Suggested Range USD/CAD: 1.0830 – 1.0930
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