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USD/CAD Open: 1.3321-1.3322 Overnight Range: 1.3270-1.3331
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $50.78 and gold is at $1,231. US markets are higher. Today Canada released GDP data for the third quarter.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3354. Support is at 1.3258.
The Canadian dollar is softening against the US dollar, approaching 5-month lows. Third-quarter GDP was in line with expectations, with the economy growing 2%, slower than the second quarter’s 2.9% pace. The new NAFTA agreement was signed by the three countries involved this morning. This weekends G20 Summit will be watched by market participants, particularly in the context of global trade. There are no further domestic releases today.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
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