USD/CAD Open: 1.3284-1.3285 Overnight Range: 1.3261-1.3297
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.63 and gold is at $1,307. US markets are higher. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3315. Support is at 1.3238.
The Canadian dollar enters the week flat against the USD, outperforming all G10 currencies. Last week’s employment report was very positive, as Canada added far more “high quality” jobs in January than expected, and upward pressure is being felt in wages. Risk appetite is low, and renewed caution is being expressed due to tensions between the US and China. Oil prices are not providing support at current levels and appear vulnerable. There are no major domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3250 – 1.3350
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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