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USD/CAD Open: 1.3917-1.3918 Overnight Range: 1.3883-1.3938
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $27.97 and gold is at $1,234. 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 1.3990. Support is at 1.3857.
The Canadian dollar continues to trade in a narrow range moving towards the end of the week. Today’s most significant data point, US retail sales, showed consumer spending gain momentum, posting an increase of 0.2% against expectations of 0.1% growth. Markets are now pricing in only a 5% chance of one 25bp rate hike in the US over 2016, which seems excessively bearish given the four proposed rate hikes outlined by the Fed during December’s meeting. Oil prices remain low, and look to remain low in the absence of any form of supply cooperation from OPEC. Look for Canadian dollar to be heavily influenced by market sentiment and key technical levels today.
Today’s Suggested Range USD/CAD: 1.3850 – 1.3950
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