USD/CAD Open: 1.3450-1.3451 Overnight Range: 1.3372-1.3456
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.47 and gold is at $1,258. US futures are lower. Canada released merchandise trade data this morning for February.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3492. Support is at 1.3345.
The Canadian dollar is lower this morning, following disappointing February trade data. After three straight monthly surpluses, Canada posted a trade deficit in February (+0.550 billion expected, -0.972 billion actual). Exports were sharply lower in February, with 8 of 11 subsectors tracked by the data experiencing a decrease. After a very positive January for Canadian data, it’s possible we see lower February results. There are no domestic data releases scheduled for the rest of the day.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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