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USD/CAD Open: 1.3208-1.3209 Overnight Range: 1.3186-1.3231
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.42 and gold is at $1,224. 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 1.3236. Support is at 1.3197.
The Canadian dollar begins the week up 0.2% against the USD, amidst an environment of broad-based USD weakness. Domestic rate expectations are being recalibrated following last week’s data releases. OIS are pricing in a 12% chance of a 25bp rate hike by December, and an 80% chance of a 25bp rate hike by the conclusion of the January meeting. WTI has stabilized above $50/barrel, but oil remains largely under pressure. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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