USD/CAD Open: 1.2485-1.2487 Overnight Range: 1.2468-1.2587
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.65 and gold is at $1,264. US futures are positive. Today, the US releases weekly jobless claims.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.2800. Support is at 1.2391.
US trade deficit numbers were larger than expected. This is important to watch because it will be interesting to see how the strong US dollar impacts US exports and the overall US economy. If it does start to have an impact, the US FED could talk down the US dollar strength. Greece continues to draw headlines as the ECB has now indicated it will not accept Greek bonds as collateral. For the Canadian dollar, in the short term, it’s all about oil prices and the Canadian dollar should continue to follow oil prices directionally.
Today’s Suggested Range USD/CAD: 1.2450 – 1.2550
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