USD/CAD Open: 1.0980-1.0982 Overnight Range: 1.0969-1.0990
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $93.55 and gold is at $1,255. US futures are mixed. Today, there are no major data releases.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.1005. Support is at 1.0725.
The US dollar is higher on broad based strength. Canadian housing start data was slightly weaker than expected. Equity markets are mixed to slightly lower. The USD/CAD has had trouble sustaining its level about the 1.10 mark and a close above this level could be another catalyst for a stronger USD.
Today’s Suggested Range USD/CAD: 1.0950 – 1.1050
Rahim Madhavji | Knightsbridge Foreign Exchange
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