USD/CAD Open: 1.2523-1.2524 Overnight Range: 1.2489-1.2539
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.31 and gold is at $1,273. 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 1.2539. Support is at 1.2468.
CAD is quiet, consolidating below yesterday’s close as CAD approaches one-month lows. Domestic risk is centered around the speech scheduled for BoC Deputy Governor Leduc, which is on the topic of “firm creation and productivity”. Markets are almost fully pricing in one 25bp rate hike in Canada by January, and another by May. There are no data releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2500 – 1.2600
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