USD/CAD Open: 1.3224-1.3225 Overnight Range: 1.3210-1.3249
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $56.50 and gold is at $1,199. US markets are higher. There are no releases scheduled for today’s session.
The short-term USD/CAD technicals are neutral-bearish. For today, USD resistance is at 1.3257. Support is at 1.3197.
CAD continues to trade slightly above four-month lows against the USD. Oil prices continue their heavy decline. Crude oil prices (WTI) fell more than 7.5% yesterday, which was the largest drop of the past three years. OPEC intends to step in, to avoid a repeat of 2014’s crash. US CPI data was in line with expectations, and when taken in the context of the strong employment market, the Fed will have ample evidence for further monetary policy tightening. There are no domestic 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
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.