Canadian Dollar FX Update February 23, 2017
USD/CAD Open: 1.3090-1.3091 Overnight Range: 1.3082-1.3171
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $54.84 and gold is at $1,250. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3185. Support is at 1.3085.
Firmer oil prices are underpinning a higher CAD this morning, following disappointing retail sales for December. Yesterday’s Fed minutes for February’s meeting sent mixed messages to markets; the majority of Fed officials anticipate a rate hike sometime in the “near future”, however some also expressed concerns about the strength of the U.S. dollar. Domestic risk is limited for CAD today, as market’s look towards tomorrow’s CPI data. Inflation has been sluggish in Canada, and persistent weak inflation will pressure CAD in the short-term.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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 | February 23, 2017 | Daily Update | 0 comments