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USD/CAD Open: 1.2158-1.2159 Overnight Range: 1.2118-1.2189
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.91 and gold is at $1,329. US futures are mixed. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2195. Support is at 1.2108.
The Canadian dollar continues to consolidate. CAD’s primary drivers are positive, as WTI is approaching $50/barrel, and spreads continue to favour CAD upside. U.S. retail sales data did not meet expectations, and expectations of an additional rate hike coming this calendar year are moderating. There are no domestic releases scheduled in Canada today, leaving CAD to track the broader market.
Today’s Suggested Range USD/CAD: 1.2100 – 1.2200
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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
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