Canadian Dollar FX Update February 9, 2017
USD/CAD Open: 1.3110-1.3111 Overnight Range: 1.3105-1.3169
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.85 and gold is at $1,241. 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 1.3176. Support is at 1.3089.
The Canadian dollar is outperforming most of its G10 peers amidst an environment of broad-based USD strength. Oil prices remain dominant for CAD in the short-term, in what has been a quiet week for domestic releases. Inflation in Canada continues to lag BoC expectations in most major metrics, which Bank of Canada Governor Poloz has attributed to “persistent excess slack in the economy”.
Expectations of future rate tightening in Canada have moderated, with markets pricing in 2 bps over the next 12 months. There are no major domestic releases scheduled for today, with domestic risk limited to BoC Deputy Governor Schembri’s speech scheduled this morning.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
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 | February 9, 2017 | Daily Update |
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