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USD/CAD Open: 1.3066-1.3067 Overnight Range: 1.3066-1.3101
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $73.75 and gold is at $1,264. US futures are higher. There are no major domestic data releases scheduled for today.
The short-term USD/CAD technicals are bearish. For today, USD resistance is at 1.3130. Support is at 1.3048.
The Canadian dollar is strong, consolidating gains following Friday’s employment report. The focus for the week will be Wednesday’s Bank of Canada rate decision. Last Friday’s trade report saw an uptick in exports. Despite recent concerns, a rate hike at Wednesday’s Bank of Canada meeting is expected. Trade concerns have moderated over the past week. There are no domestic releases of consequence scheduled for today.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
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