USD/CAD Open: 1.2756-1.2757 Overnight Range: 1.2719-1.2839
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $57.77 and gold is at $1,267. US futures are higher. Today Canada released CPI data for November and retail sales data for October.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2809. Support is at 1.2613.
The Canadian dollar is sharply higher this morning, following encouraging data. CPI for November narrowly beat expectations (+2.1% annualized vs. +2.0% expected). Inflation at this level is right in line with the Bank of Canada mandate. Retail sales for October handily beat expectations (+1.5% actual vs. +0.3% expected), driven by growth in the auto sector of both new and used vehicles. There are no further domestic releases scheduled for the remainder of today’s session.
Today’s Suggested Range USD/CAD: 1.2700 – 1.2800
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