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USD/CAD Open: 1.3401-1.3402 Overnight Range: 1.3394-1.3434
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.34 and gold is at $1,132. 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 1.3461. Support is at 1.3345.
CAD is flat from Monday’s close, testing multi-month lows. Canadian wholesale trade sales data from this morning rose more than expected (+1.1% actual vs. 0.5% expected), but it has had a negligible impact on CAD. More data is scheduled later in the week, with retail sales, CPI, and GDP data to be released. Event risk remains elevated for the Canadian dollar moving towards the new year.
Today’s Suggested Range USD/CAD: 1.3350 – 1.3450
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