USD/CAD Open: 1.2998-1.2999 Overnight Range: 1.2980-1.3039
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $68.81 and gold is at $1,224. US markets are higher. Today Canada released trade data for June.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3046. Support is at 1.2989.
CAD is trading on the upper end of recent levels today. Canadian trade data for June was positive, as the trade deficit narrowed sharply. The US economy added less jobs than expected in July, however unemployment continues to tick lower. Tighter yield spreads are offsetting some weakness in commodities. There are no additional releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.2950 – 1.3050
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