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USD/CAD Open: 1.3203-1.3204 Overnight Range: 1.3182-1.3214
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $60.84 and gold is at $1,206. US markets are lower. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3218. Support is at 1.3179.
CAD is better early in today’s session amidst an environment of broad-based USD strength. A rebound in oil prices has pushed CAD above Friday’s levels, which saw CAD reach multi-month lows against the USD. The Bank of Canada continues to move towards moving rates towards a neutral level, which they believe to be between 2.5%-3.5%. We expect a quiet day of trading today, as banks in both Canada and the US are closed for holidays.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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