USD/CAD Open: 1.1158-1.1159 Overnight Range: 1.1083-1.1172
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $97.08 and gold is at $1,257. US futures are lower. Today the US releases weekly jobless claims.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.1125 and 1.1260. Support is at 1.0890 and 1.0610.
Worse than expected mfg. data overnight from China has created negative sentiment. The Canadian dollar fell sharply after the Bank of Canada indicated yesterday that weak inflation is an issue and it seems that there will be no rake hikes anytime soon while inflation is non-existent and below expectations. Weak inflation could even trigger a rate cut. This does not bode well for the Canadian dollar as rising Canadian rates are correlated to a stronger Canadian dollar.
Today’s Suggested Range USD/CAD: 1.1100 – 1.1200
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