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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

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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 | January 18, 2017 | Daily Update | 0 comments