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USD/CAD Open: 1.2890-1.2891 Overnight Range: 1.2840-1.2922
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $66.04 and gold is at $1,355. 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 1.2941. Support is at 1.2825.
The Canadian dollar pushed hired last week, buoyed by newly inspired NAFTA optimism, and stronger than expected domestic inflation data. Crude oil is firmer, with WTI climbing over $66/barrel. This week will be quiet for domestic releases, with Thursday’s GDP report for January being CAD’s primary event risk. There are no releases of consequence scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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