Canadian Dollar FX Update January 9, 2017
USD/CAD Open: 1.3246-1.3247 Overnight Range: 1.3225-1.3277
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.82 and gold is at $1,180. 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 1.3304. Support is at 1.3205.
The Canadian dollar is quiet this morning, consolidating gains following Friday’s positive employment data. Market participants look towards January’s Bank of Canada meeting (January 18th) for additional guidance. Expectations of policy tightening from the Bank of Canada over the next 12 months have moderated. Oil prices have been consistent throughout the holiday period. In the short-term, the Canadian dollar continues to lack a catalyst.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
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.
Click Here to Subscribe
By Admin | January 9, 2017 | Daily Update |
0 comments