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USD/CAD Open: 1.2821-1.2822 Overnight Range: 1.2798-1.2859
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.24 and gold is at $1,356. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2892. Support is at 1.2773.
CAD has retested two month highs this morning in an environment of broad-based US dollar weakness. There are no major data releases scheduled for today, meaning the focus will remain on the broader market sentiment. Yesterday’s Fed minutes reaffirmed that the Fed is in no rush to raise rates once again, as inflation continues to lag behind expectations in the US. Additionally, oil prices continue to rally, underpinning the recent Canadian dollar rise. The recent moderation in Fed rate hike expectations has the potential to extend CAD gains in the short-term.
Today’s Suggested Range USD/CAD: 1.2800 – 1.2900
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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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