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USD/CAD Open: 1.3684-1.3685 Overnight Range: 1.3665-1.3743
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $47.97 and gold is at $1,231. 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 1.3781. Support is at 1.3665.
CAD is flat this morning, following a pair of top tier data releases from the U.S. (CPI & retail sales for April). Both U.S. data releases met analyst expectations, leaving the USD unchanged, and further building the case for an additional rate hike in June. CAD has had a difficult week, and has performed well given the circumstances. Higher oil prices have helped to offset some of the drag from yesterday’s decision to downgrade the debt of Canadian banks by Moody’s, which points to larger more systemic issues with Canadian consumer debt levels and elevated home prices. There are no major releases scheduled for CAD during today’s session.
Today’s Suggested Range USD/CAD: 1.3650 – 1.3750
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