USD/CAD Open: 1.1148-1.1150 Overnight Range: 1.1129-1.1186
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $96.94 and gold is at $1,268. US futures are lower. Today, the FOMC releases its interest rate policy announcement.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.1180 and 1.1260. Support is at 1.0890 and 1.0610.
Turkey significantly increased its lending rate to help boost the lira and attract flows. However, emerging markets remain under pressure. Fears of contagion remain. The FED is widely expected to continue to cut its bond buying program. It is unlikely, but possible, that the emerging market issues of late has somewhat spooked the FED and could change the pace of its tapering. If so, this could be a boost to the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.1100 – 1.1199
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