USD/CAD Open: 1.3012-1.3013 Overnight Range: 1.3009-1.3049
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $69.46 and gold is at $1,205. US markets are lower. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3060. Support is at 1.2989.
The Canadian dollar is modestly improved from Friday’s levels amidst an environment of broad-based USD weakness. Relative monetary policy is weighing on CAD, as expectations of additional tightening from the Fed are firming, while Bank of Canada rate expectations are unchanged. Uncertainty in trade discussions continues to be a source of headline risk, particularly in relation to NAFTA and US-China trade discussions. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.2950 – 1.3050
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