Canadian Dollar Update January 19, 2017
USD/CAD Open: 1.3284-1.3285 Overnight Range: 1.3251-1.3324
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $51.55 and gold is at $1,200. 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 1.3368. Support is at 1.3112.
The Canadian dollar is lower today, following yesterday’s BoC-driven decline. The Bank of Canada elected to keep rates unchanged at yesterday’s policy meeting. In the question and answer period following the release, Governor Poloz noted that additional rate cuts remain a possibility. Divergent monetary policy between Canada and the US is evident, with Fed Chair Yellen remarking that her preference is for a few rate hikes a year until the end of 2019. With only second-tier data scheduled domestically today, CAD is likely to trade based on broader market sentiment.
Today’s Suggested Range USD/CAD: 1.3250 – 1.3350
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 | January 19, 2017 | Daily Update |
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