USD/CAD Open: 1.1185-1.1187 Overnight Range: 1.1167-1.1198
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.75 and gold is at $1,240. US futures are higher. Today, the US releases GDP data.
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.
US GDP data released today was in line with forecasts at 3.2% growth in Q4. The FED yesterday agreed to continue to taper from its bond buying program as expected. Emerging markets continue to see pressure and the US dollar is benefiting from safe haven flows. The risk that global growth gets impacted due to emerging market issues does not bode well for the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.1100 – 1.1199
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