USD/CAD Open: 1.0855-1.0858 Overnight Range: 1.0847-1.0864
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $106.82 and gold is at $1,275. US futures are lower. Today, the US releases consumer sentiment data.
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 climb higher due to conflicts in Iraq. Equity markets seem a bit nervous because of the conflict and uncertainty. The Bank of England indicated interest rates in the UK would rise sooner rather than later and that had the GBP soaring. This could be what we expect in the US at some point. In Canada, all eyes are on growth and inflation data – as the Bank of Canada will likely not play its hand until these data points strengthen.
Today’s Suggested Range USD/CAD: 1.0830 – 1.0930
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