Canadian Dollar Update January 26, 2017
USD/CAD Open: 1.3101-1.3102 Overnight Range: 1.3052-1.3131
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $53.08 and gold is at $1,192. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.3169. Support is at 1.3058.
The Canadian dollar is weakening into today’s session, retracing yesterday’s gains. The domestic calendar remains sparse throughout the end of the month, leaving CAD to trade based on broader market sentiment. OIS has begun to once again price in some tightening from the Bank of Canada over the next twelve months. Divergent monetary policy between Canada and the US is likely to remain the primary narrative over the first half of 2017.
Today’s Suggested Range USD/CAD: 1.3050 – 1.3150
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 26, 2017 | Daily Update |
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