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USD/CAD Open: 1.3194-1.3195 Overnight Range: 1.3181-1.3269
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $73.64 and gold is at $1,252. US futures are higher. Today, Canada released GDP data from April.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3326. Support is at 1.3185.
The Canadian dollar has rebounded to 10-day highs early in today’s session. The Canadian economy grew 0.1% in April, against expectations of stagnation. Due to inclement weather, expectations were low. Domestic rate expectations have firmed following the data, providing support to CAD. Higher oil prices are also contributing to CAD strength. There are no additional releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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