USD/CAD Open: 1.3285-1.3286 Overnight Range: 1.3252-1.3295
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.65 and gold is at $1,243. US markets are lower. Today the Bank of Canada will make its December rate decision.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3288. Support is at 1.3264.
The Canadian dollar continues to decline against the US dollar. Today’s Bank of Canada rate decision poses significant event risk, as market participants look towards the statement tone. Given the moderation in domestic rate expectations of late, market participants await further direction. Oil has begun to find stability around recent levels. There are no additional domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3250 – 1.3350
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