USD/CAD Open: 1.3242-1.3243 Overnight Range: 1.3181-1.3259
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.12 and gold is at 1,223. 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 1.3341. Support is at 1.3146.
The Canadian dollar has retraced gains made during yesterday’s quiet session. Oil prices are in freefall, as WTI swiftly descends to the $50/barrel range. In context, CAD has been resilient. CPI data for October was better than expected, rising 2.4% vs. expectations of a 2.2% increase. Retail sales data was marginally better than expectations as well. Despite positive data results, CAD upside will be extremely limited while oil is under significant pressure. There are no additional releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
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