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USD/CAD Open: 1.3269-1.3270 Overnight Range: 1.3253-1.3313
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.25 and gold is at $1,231. 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 1.3308. Support is at 1.3233.
The Canadian dollar continues to be volatile. Yesterday’s speech from Fed Chair Powell was more cautious than expected, triggering several market reactions. Stocks soared on the news, while the reaction in currencies has been muted. Oil remains under pressure, as WTI fell below $50/barrel for the first time since October of 2017. Domestic rate expectations, as well as rate expectations in the US, are falling in tandem. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
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