USD/CAD Open: 1.0996-1.0998 Overnight Range: 1.0940-1.1010
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $93.91 and gold is at $1,256. US futures are higher. There are no major data releases today.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.1020 and 1.1125. Support is at 1.0890 and 1.0610.
US markets are open after a long weekend. The PBOC offered liquidity to big banks, a positive move for global growth. Earnings data will help drive sentiment. The US dollar continues to grind higher on FED tapering expectations and with the chance tapering could be more aggressive coupled with the chance that the Bank of Canada could be more accommodative in 2014. Yields continue to help drive direction of the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.0950 – 1.1050
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