Canadian Dollar FX Update January 18, 2017
USD/CAD Open: 1.3110-1.3111 Overnight Range: 1.3038-1.3120
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.27 and gold is at $1,213. 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 1.3190. Support is at 1.3020.
The Canadian dollar is lower this morning, as the USD is broadly higher following yesterday’s losses. Event risk is elevated moving towards this morning’s Bank of Canada meeting. A rate hold is widely expected. We expect the Bank of Canada to moderate expectations about policy tightening in the short-term, pointing to the persistent slack in the labour market, as well as weak inflation data of late. The direction of the Canadian dollar today will be dictated by the BoC decision.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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By Admin | January 18, 2017 | Daily Update | 0 comments