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USD/CAD Open: 1.2377-1.2378 Overnight Range: 1.2354-1.2401
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.81 and gold is at $1,303. 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 1.2428. Support is at 1.2343.
The Canadian dollar is softer this morning, a mid-performer amongst the G10 in an environment of broad-based USD strength. Domestic risk is limited before BoC Governor Poloz’s speech tomorrow, which is highly anticipated considered the comments made by Deputy Governor Lane last week. Oil prices are firmer due to recent geopolitical tensions; however, CAD is failing to follow suit.
Today’s Suggested Range USD/CAD: 1.2350 – 1.2450
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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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