Canadian Dollar FX Update January 31, 2017
USD/CAD Open: 1.3038-1.3039 Overnight Range: 1.3034-1.3124
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.91 and gold is at $1,206. 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 1.3139. Support is at 1.3034.
The Canadian dollar is higher this morning, following today’s GDP data for November of 2016. November’s GDP was better than expected (+0.4% MoM actual vs. +0.3% MoM expected). Today’s event risk includes a speech from BoC Governor entitled “Models and the art and science of making monetary policy”. Market participants will look to see if he reiterates the dovish bias he relayed on the 18th of January, where he stressed the possibility of future rate cuts. Most major currencies are trading in narrow-ranges today in quiet month-end trade.
Today’s Suggested Range USD/CAD: 1.3000 – 1.3100
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 | January 31, 2017 | Daily Update |
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