USD/CAD Open: 1.3175-1.3176 Overnight Range: 1.3124-1.3208
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.40 and gold is at $1,317. US markets are mixed. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3217. Support is at 1.3143.
The Canadian dollar is weaker early in today’s session, underperforming the majority of G10 peers. Oil prices are contributing to CAD weakness, as they have fallen 3.6% this week. The AUD is a clear underperformer, following comments from RBA Gov. Lane that were more cautious than expected. Following the RBA statement, expectations for future tightening in Canada moderated slightly. There are no domestic releases expected for today.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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