Canadian Dollar Foreign Exchange Update January 17, 2017
USD/CAD Open: 1.3048-1.3049 Overnight Range: 1.3018-1.3190
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.19 and gold is at $1,215. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3152. Support is at 1.2982.
The Canadian dollar is higher this morning, amidst an environment of broad-based US dollar weakness. The US dollar is sharply lower this morning against other currencies in the G-10, in response to remarks made to the WSJ by President-elect Trump stating that the US dollar is “too high”. The statement is contextually ambiguous, but poses enough risk to push some investors to the sidelines. Domestic risk is limited moving towards tomorrow’s Bank of Canada statement, and CAD is expected to track the broader market.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
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.
Click Here to Subscribe
By Admin | January 17, 2017 | Daily Update |
0 comments