USD/CAD Open: 1.3362-1.3363 Overnight Range: 1.3288-1.3371
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $57.93 and gold is at $1,303. 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 1.3398. Support is at 1.3295.
The Canadian dollar is trading defensively early in today’s session. Oil prices remain well supported and are working to offset deteriorating market expectations for the Bank of Canada. Currently 4 basis points of easing are being priced in over the next 12 months, a much different stance than a month ago, when future tightening was the expectation. Near term risk is limited, however there will be some releases of note next week, including CPI, retail sales, and next Tuesday’s budget release.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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