Canadian Dollar Foreign Exchange Update February 22, 2017
USD/CAD Open: 1.3190-1.3191 Overnight Range: 1.3110-1.3219
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.78 and gold is at $1,240. US futures are lower. Canada released retail sales data for December this morning.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3198. Support is at 1.3121.
The Canadian dollar is lower this morning, snowballing yesterday’s losses on weak data. Canada released retail sales figures for December today, which failed to meet low expectations (+0.0% MOM expected vs. -0.5% MOM actual), as holiday spending was soft. Oil prices are lower, further contributing to CAD falling to a 2-week low. Event risk moving forward is centered around this afternoon’s Fed minutes for February.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
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By Admin | February 22, 2017 | Daily Update |
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