Canadian Dollar USD/CAD FX Morning Update January 20, 2014
USD/CAD Open: 1.0955-1.0957 Overnight Range: 1.0930-1.0969
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $93.91 and gold is at $1,256. US markets are closed for a holiday. There are no major data releases today.
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.
Chinese GDP data released overnight was received with a mixed reaction. US markets are closed today due to a holiday. Markets should be quiet for the most part while the attention focuses on the Bank of Canada release this week. A lean towards easing of any type could be negative for the Canadian dollar. Any commentary on the quick drop too soon in the loonie could be beneficial for the Canadian dollar.
Today’s Suggested Range USD/CAD: 1.0890 – 1.0990
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | January 20, 2014 | Daily Update |
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