USD/CAD Open: 1.3120-1.3121 Overnight Range: 1.3102-1.3131
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.84 and gold is at $1,319. 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 1.3153. Support is at 1.3089.
The Canadian dollar remains stable, while oil prices are marginally lower. Relative central bank policy continues to buoy CAD following the recent moderation in the tone of Fed officials. Market participants expect the Bank of Canada to progress towards a cautiously optimistic tone moving forward. Markets currently are pricing in 10bps of tightening from the BoC by July of this year. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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