USD/CAD Open: 1.3264-1.3265 Overnight Range: 1.3231-1.3288
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3321. Support is at 1.3189.
The Canadian dollar is little changed following this morning’s CPI data release for December. Inflation grew 2% on a year-over-year basis in December, beating expectations of 1.7% growth. The recent caution expressed by the Bank of Canada led to the muted reaction from markets. 10 basis points of tightening are being priced in by the Bank of Canada by July. There are no additional releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.3200 – 1.3300
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
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