USD/CAD Open: 1.3094-1.3095 Overnight Range: 1.3049-1.3119
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.84 and gold is at $1,259. US futures are lower. Today Canada releases CPI data for January.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3174. Support is at 1.3074.
CAD is relatively unchanged this morning, despite a very positive CPI result for January. Headline CPI was well above expectations in January (+2.1% YOY actual vs. +1.6% expected), marking the first time since October of 2014 that headline CPI was over 2%. Previous CPI data in Canada had been extremely underwhelming over the latter half of 2016, often missing to the downside.
Oil prices have remained steady over the past several sessions, now comfortably over $50/barrel. Considering the relatively small impact to CAD from the CPI report, it’s clear the March Fed meeting remains the focus for market participants in the short-term.
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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
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