USD/CAD Open: 1.3308-1.3309 Overnight Range: : 1.3251-1.3318
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $54.02 and gold is at $1,278. 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 1.3333. Support is at 1.3279.
The Canadian dollar is little changed to begin today’s session, which is likely to be quiet due to the MLK holiday in the US. Last Friday’s better than expected inflation is unlikely to change the Bank of Canada’s short-term outlook. China announced a commitment to raising U.S. imports by USD 1 trillion over the next 6 years in an attempt to reduce the trade balance between the two countries, which sent equities higher. CAD is likely to track oil prices and broader market developments with both the Fed and the BoC on the sidelines.
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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