USD/CAD Open: 1.3098-1.3099 Overnight Range: 1.3087-1.3126
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $61.72 and gold is at $1,223. US markets are lower. Today the Fed makes their rate decision for November.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3136. Support is at 1.3050.
The Canadian dollar is little changed this week. Lower oil prices are continuing to hamstring CAD upside, as CAD failed to share in the risk appetite that saw stocks climb during yesterday’s session. Market participants will be looking towards today’s Fed rate decision, where a rate hold is widely expected. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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