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USD/CAD Open: 1.2881-1.2882 Overnight Range: 1.2790-1.2905
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $71.33 and gold is at $1,287. US futures are higher. Today Canada released retail sales data for March, alongside CPI data for April.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2956. Support is at 1.2725.
The Canadian dollar is lower early in today’s session. CPI data narrowly missed expectations (+2.2% annualized vs. expectations of +2.3%). Slightly cooler inflation numbers will put a damper on the possibility of a rate hike in the short-term. Retail sales data was better than expected (+0.6% vs. +0.3% expected), on the back of stronger auto sales. The US’s NAFTA deadline has passed, and negotiations could now go on into 2019. There are no additional domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
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