Canadian Dollar US Dollar FX Morning Update January 16, 2014
FX Morning Update January 16, 2014
USD/CAD Open: 1.0931-1.0934 Overnight Range: 1.0930-1.0963
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $94.21 and gold is at $1,240. US futures are lower today. Today, the US releases weekly jobless claims and CPI data.
The short term Canadian dollar technicals are bearish. For today, USD resistance is at 1.0965 and 1.1020. Support is at 1.0610 and 1.0270.
Inflation data from the US will be watched closely and any sign that inflation is running higher than expected may compel the FED to act more swiftly with stimulus reduction. The direction of the USD/CAD continues to be influenced by monetary policy and economic data of Canada and the US.
Today’s Suggested Range USD/CAD: 1.0890 – 1.0990
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | January 16, 2014 | Daily Update |
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