Canadian Dollar Forecast FX Morning Update January 3, 2014

USD/CAD Open: 1.0624-1.0627 Overnight Range: 1.0605-1.0679

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $95.33 and gold is at $1,229. US futures are higher today. Today, there are no major data releases.

The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0743 and 1.0850. Support is at 1.0530 and 1.0270.

With many still on holidays, expect lighter than expected volumes. A number of FED speakers have speaking engagements today. Commodities have fallen sharply including oil. The USD/CAD has remained rangebound for the most part near the 1.06 USD/CAD level.

Today’s Suggested Range USD/CAD: 1.0600 – 1.0700

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Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | January 3, 2014 | Daily Update | 0 comments