USD/CAD Open: 1.0870-1.0872 Overnight Range: 1.0840-1.0882
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $107.13 and gold is at $1,281. US futures are lower. Today, the US releases Empire State Mfg. Index 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 prices continue to grind higher due to violence in Iraq. All eyes are on the FOMC meeting and their update on the interest rate forecast on Wednesday. The US dollar is slightly stronger this morning on the back of a risk aversion theme and a flight to safety. Look for the Canadian dollar to be rangebound for the most part but follow risk sentiment directionally.
Today’s Suggested Range USD/CAD: 1.0830 – 1.0930
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