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USD/CAD Open: 1.2682-1.2683 Overnight Range: 1.2646-1.2731
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $40.07 and gold is at $1,252. 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 1.2770. Support is at 1.2603.
The Canadian dollar opens the morning flat. Yesterday’s speech from Governor Poloz did not include protest against the recent Canadian dollar rally. However, he did allude to the still-evident slack in the Canadian economy, which can be interpreted as Canada not looking to raise rates anytime soon. The Canadian economy, alongside commodity prices, has performed well enough that a rate hike should be off the table as well. Look to oil prices as well as yield spreads to help fuel the Canadian dollar rally.
Today’s Suggested Range USD/CAD: 1.2650 – 1.2750
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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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