Canadian Dollar Update January 10, 2017
USD/CAD Open: 1.3215-1.3216 Overnight Range: 1.3197-1.3258
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $52.17 and gold is at $1,184. 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 1.3287. Support is at 1.3207.
The Canadian dollar remains flat, consolidating around the upper end of its December range. CAD continues to trade based on broader market sentiment, ignoring its typical drivers of late. Yesterday’s Business Outlook Survey from the Bank of Canada highlighted persistent slack in the labour market, as well as lower inflation expectations. In the absence of domestic data, we expect the Canadian dollar to continue to track the broader market.
Today’s Suggested Range USD/CAD: 1.3150 – 1.3250
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 10, 2017 | Daily Update | 0 comments