USD/CAD Open: 1.3249-1.3250 Overnight Range: 1.3245-1.3285
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3283. Support is at 1.3241.
The Canadian dollar appears to have begun to consolidate gains made in January. Yesterday British Members of Parliament rejected the latest Brexit agreement between PM Theresa May and the EU. Given the concerns facing the global economy, a hands-off approach from the Fed is expected. Recovering oil prices are providing support to CAD, and continued recovery will be important to improving the outlook for CAD in the coming months. There are no major domestic releases before Friday’s CPI data.
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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