Canadian Dollar Foreign Exchange Update January 20, 2017
USD/CAD Open: 1.3358-1.3359 Overnight Range: 1.3259-1.3388
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.35 and gold is at $1,204. US futures are higher. Today Canada releases CPI and retail sales data.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3407. Support is at 1.3283.
The Canadian dollar is lower this morning, following CPI and retail sales releases. CPI for December was disappointing (+1.5% YOY actual vs. +1.7% YOY expected), as inflation in Canada remains below target levels. Retail sales for November were also uninspiring (+0.2% MOM actual vs. +0.5% MOM expected). The inauguration of President Trump takes place today. Market participants will look his speech, as well as any executive actions he takes early in his tenure, and the impact they may have on future monetary policy. CAD continues to lack a catalyst in the short-term, and will continue to trade based on broader market sentiment.
Today’s Suggested Range USD/CAD: 1.3300 – 1.3400
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 | January 20, 2017 | Daily Update |
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