USD/CAD Open: 1.2463-1.2464 Overnight Range: 1.2426-1.2480
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $63.75 and gold is at $1,329. 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 1.2523. Support is at 1.2523.
The Canadian dollar is higher this morning, following yesterday’s neutral hike by the Bank of Canada. The Bank of Canada made the expected 25bp hike, while citing concerns over NAFTA discussions and wage growth. The overall outlook for CAD was little changed by the Bank of Canada meeting, with 60bps of tightening being expected over the remainder of the calendar year. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.2400 – 1.2500
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