USD/CAD Open: 1.3184-1.3185 Overnight Range: 1.3171-1.3219
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $49.61 and gold is at $1,275. US futures are higher. Canada released trade data for August this morning.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3251. Support is at 1.3145.
The Canadian dollar is flat, consolidating towards the lower end of its one week range. Canadian trade data was better than expected this morning (-1.9bn actual vs. -2.5bn expected), which is a positive sign for the Canadian economy, building on July’s strong trade data. Oil prices are lending additional support to CAD, as WTI approaches $50/barrel once again. CAD’s main drivers remain mixed as yield spreads continue to widen in a CAD negative manner.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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