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Canadian Dollar Update January 6, 2020 – Canadian Dollar lifted by crude

USD/CAD Open: 1.2986-1.2987, Overnight Range: 1.2964-1.2990

Oil is at $63.31 and gold is at $1,564.80. US markets are mixed today.

The short-term USD/CAD technicals are neutral-bullish. For today, USD resistance is at 1.3014. Support is at 1.2954.

The Canadian dollar rally was fueled by the steep rise in crude oil prices.

FX ranges were relatively subdued, indicating that market liquidity is returning to normal levels. GBPUSD gained the most in overnight price action, jumping to 1.3172 from 1.3065. The rally was sparked by better than expected UK Markit Services PMI data for December, which came in at 50 compared to the 49.2 forecasted. GBPUSD also benefited from broad US dollar weakness.

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EURUSD got a boost after German and Eurozone economic data beat estimates. German Retail Sales rose 2.8% in November while December PPI came in at 54.9. Eurozone Services PMI, Investor Sentiment and PPI surpassed expectations and together, helped lift EURUSD from 1.1158 to 1.1204 in Toronto trading.

Canadian dollar traders ignored this morning’s release of November Industrial Product and Raw Materials price data. Traders are looking ahead to Thursday’s speech by BoC Governor Stephen Poloz and Friday’s US and Canadian employment reports.

Today’s Suggested Range USD/CAD: 1.2940 – 1.3040

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By KBFX | January 6, 2020 | Daily Update | 0 comments