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USD/CAD Open: 1.2779-1.2780 Overnight Range: 1.2741-1.2781
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $55.74 and gold is at $1,272. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2824. Support is at 1.2703.
The Canadian dollar is quiet to begin the week, trading at levels similar to Friday’s close. Oil prices have strengthened significantly of late, as WTI tests multi-year highs. CAD has had a remarkably low correlation to oil prices in recent trading. Domestic rate expectations are firmer following Friday’s strong employment report. Tomorrow, BoC Governor Poloz will speak on the topic of “central bank’s ability to understand inflation”, which could provide some headline risk for CAD. There are no domestic releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2700 – 1.2800
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