USD/CAD Open: 1.3259-1.3260 Overnight Range: 1.3182-1.3269
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.91 and gold is at $1,292. US markets are lower. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3283. Support is at 1.3184.
The Canadian dollar is moving lower early in today’s session. As both the Fed and Bank of Canada have outlined an intention to be cautious in the short-term, CAD is benefitting. With monetary policy moving to the back burner, the focus will move to commodities, as well as global terms of trade. US CPI was in line with expectations, falling 0.1% month-over-month. There are no domestic releases of consequence today.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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