USD/CAD Open: 1.3238-1.3239 Overnight Range: 1.3214-1.3250
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $58.77 and gold is at $1,201. 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 1.3264. Support is at 1.3211.
CAD continues to consolidate its recent decline and is trading slightly above recent multi-month lows. Oil prices are falling, underpinning CAD weakness, as Western Canada Select falls below $20/barrel. The Bank of Canada remains optimistic, as Canadian economic fundamentals have been positive, despite the decline in CAD. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
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