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Canadian Dollar FX Update February 8, 2017

USD/CAD Open: 1.3143-1.3144      Overnight Range:     1.3142-1.3200

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $51.64 and gold is at $1,240.  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 1.3221.  Support is at 1.3084.

The Canadian dollar is higher this morning, outperforming the majority of G10 peers. A renewed focus on central bank policy has weighed on EUR, which is the main underperformer early in today’s session. Following a renewed correlation to oil prices, CAD risk today is centered around EIA oil inventories, and their implications on broader oil prices. There are no data releases scheduled today in Canada or the United States, leaving CAD to take direction from oil prices.

Today’s Suggested Range USD/CAD: 1.3100 – 1.3200


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 8, 2017 | Daily Update | 0 comments

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