USD/CAD Open: 1.1077-1.1079 Overnight Range: 1.1061-1.1110
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $99.02 and gold is at $1,382. US futures are lower. Today, the US releases consumer sentiment 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.
Worries over China’s economic growth and tensions with the Ukraine and Russia remain at the forefront. The referendum in Crimea over the weekend could be a cause of concern and could create a move towards the US dollar. Look for rangebound trading for the most part for the Canadian dollar until data releases provide a catalyst.
Today’s Suggested Range USD/CAD: 1.1050 – 1.1150
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