USD/CAD Open: 1.1185-1.1187 Overnight Range: 1.1154-1.1220
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.61 and gold is at $1,252. US futures are lower. Today, Canada 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.
The US dollar is marginally stronger on the back of flows from the exit from emerging markets, which remain under pressure. Canadian GDP data released this morning was as expected. Risk aversion remains the theme. Month-end rebalancing could create some volatility today.
Today’s Suggested Range USD/CAD: 1.1150 – 1.1250
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