USD Strength Meets Limits; Tariff Drag Keeps CAD in Check
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3560-1.3800
Euro 1.5840-1.6090
Sterling 1.8270-1.8530
WTI Oil (opening level) $66.92
The CAD/USD is opening at 1.3687 ( 0.7306 )
Tariff baggage kept the CAD from taking fuller advantage of a positive employment report Friday. Even if most of the gains were part-time, full-time job gains were still very decent and hours worked ended Q2 on a firm note, a positive signal for growth.
The USD remains marginally overvalued versus which may help constrain near-term USD strength. The CAD’s technical condition is little changed in broad terms. The primary trend remains bearish, but daily trend momentum has softened, spot is probing trend channel resistance at 1.3735/40, and the USD closed out last week on a technically bullish note.
The USD may still have a tough time rallying significantly, however. Bullish weekly signals in June failed to lift the USD materially and the weekly trend strength oscillator remains bearish. Resistance in the mid-1.37s looks solid, and firmer still at 1.38. Support is 1.3650 and 1.3530/60.
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Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.2425-1.2525
Euro 1.4800-1.4900
Sterling 1.7300-1.7400
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.4250-1.4480
Euro 1.5400-1.5630
Sterling 1.8400-1.8630
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.4320-1.4540
Euro 1.4930-1.5150
Sterling 1.7830-1.8060
