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USD/CAD Open: 1.3044-1.3045 Overnight Range: 1.3008-1.3086
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.42 and gold is at $1,238. 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 1.3097. Support is at 1.2994.
The Canadian dollar is modestly higher this morning, as the USD has faded gains from yesterday’s CPI data. Higher oil prices are underpinning CAD strength. There are no domestic data releases scheduled for today. Risk-off trading appears to be in effect in FX markets, as the safe haven currencies (CHF, JPY) are higher, as well as gold. CAD has consolidated around this level for the past several sessions.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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