Canadian Dollar Update February 7, 2017
USD/CAD Open: 1.3170-1.3171 Overnight Range: 1.3073-1.3212
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.14 and gold is at $1,231. US futures are higher. Today, Canada released trade data for December of 2016.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3260. Support is at 1.3055.
The Canadian dollar is lower this morning, a relative underperformer amidst an environment of broad-based US dollar strength. Oil prices are soft this morning. Following comments from Fed voter Harker yesterday, there is a renewed focus on central bank policy, pushing CAD to near a two-week low.
Canadian trade data was better than expected for December, posting a trade surplus of $923 million, better than the expected $200 million surplus. Despite strong export figures in November and December, Canadian exports edged down 0.7% over the course of 2016. Domestically, markets will turn their attention to Friday’s employment data.
Today’s Suggested Range USD/CAD: 1.3100 – 1.3200
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 | February 7, 2017 | Daily Update |
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