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USD/CAD Open: 1.3130-1.3131 Overnight Range: 1.3104-1.3140
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $66.35 and gold is at $1,218. 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 1.3166. Support is at 1.3091.
The Canadian dollar has traded quietly so far this week. In yesterday’s testimony to the House of Commons Finance Committee, Bank of Canada Governor Poloz reiterated the need to continue along the path of monetary policy tightening. The current 1.75% level remains below the “neutral” level of 2.5%-3.5%. Canadian GDP rose 0.1% in August, narrowly missing expectations of 0.2% growth. There are no additional releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
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