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USD/CAD Open: 1.3443-1.3444 Overnight Range: 1.3429-1.3469
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $46.54 and gold is at $1,266. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3509. Support is at 1.3392.
CAD is well supported early in the week, carrying momentum from last week’s outstanding employment report. Crude is slightly firmer, but spreads with the U.S. remain unresponsive to recent positive Canadian data, limiting CAD upside in the short-term. Event risk this week is centered around Wednesday’s Fed policy decision. A rate hike is widely priced in at this point in time, with risk surrounding sentiment pertinent to future rate increases. A dovish hike remains a strong possibility. There are no domestic data releases scheduled for today, leaving CAD to trade based on market sentiment.
Today’s Suggested Range USD/CAD: 1.3400 – 1.3500
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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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