Canadian Dollar Forex Update January 5, 2016
USD/CAD Open: 1.3925-1.3926 Overnight Range: 1.3897-1.3953
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $36.95 and gold is at $1,079. 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 1.4007. Support is at 1.3839.
The Canadian dollar is flat this morning, consolidating at the lower end of December’s trading range. Oil is softer, which is being somewhat offset by steadier yield spreads between US and Canadian 2Y’s. Important data releases this week include tomorrow’s trade data and Friday’s employment. Tomorrow’s trade data will provide another data point to assess how non-energy exports are impacting the Canadian economic recovery. With the Bank of Canada hoping that non-energy exports will help the Canadian economic recovery, Wednesday’s data could impact the BoC’s January decision.
Today’s Suggested Range USD/CAD: 1.3900 – 1.4000
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.
By Admin | January 5, 2016 | Daily Update |
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