Canadian Dollar FX Morning Update January 8, 2014

USD/CAD Open: 1.0802-1.0804 Overnight Range: 1.0762-1.0827

The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $93.82 and gold is at $1,221. US futures are mixed today. Today, the US releases FED minutes.

The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0820 and 1.0860. Support is at 1.0610 and 1.0270.

US ADP payroll data released this morning was stronger than expected. All eyes are on the upcoming FED minutes to gauge future stimulus plans. Weakness in yesterday’s Canadian trade data had the loonie tanking sharply. Adding to this was BOC Poloz indicating inflation is low, a potential sign that interest rates aren’t moving up anytime soon, which doesn’t bode well for the Canadian dollar.

Today’s Suggested Range USD/CAD: 1.0775 – 1.0875

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By Admin | January 8, 2014 | Daily Update | 0 comments