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USD/CAD Open: 1.2146-1.2147 Overnight Range: 1.2097-1.2167
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.56 and gold is at $1,337. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2168. Support is at 1.2081.
The Canadian dollar is flat early in today’s session. Last Friday’s Canadian employment report was mixed; gains in wages and hours worked were firmly positive, but large job gains in part-time work came at the expense of full-time employment. For a multitude of reasons expectations of a rate hike by the Fed in December have moderated heavily (currently a 25% implied probability of a rate increase). The aftermath of Hurricane Irma will be a focal point early in the week. There are no domestic releases of consequence scheduled early in the week, leaving CAD to range trade based on its risk profile.
Today’s Suggested Range USD/CAD: 1.2100 – 1.2200
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