USD/CAD Open: 1.3740-1.3741 Overnight Range: 1.3670-1.3744
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.23 and gold is at $1,221. 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 1.3733. Support is at 1.3643.
CAD continues to trade quietly, a relative performer amidst an environment of broad-based USD strength. Expectations for a June rate hike are firming, with Fed futures pricing June as a near certainty. Further USD upside exists, if market participants reassess the Fed’s expectation of three rate hikes in 2017 (another hike in June ostensibly opens the door to four hikes in 2017). Commodities are soft. Oil is consolidating above last week’s lows below $45/barrel. There are no major domestic releases scheduled for today’s session, leaving CAD to trade based on broader market sentiment.
Today’s Suggested Range USD/CAD: 1.3700 – 1.3800
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