Canadian Forex Foreign Exchange Morning Update January 17, 2014
FX Morning Update January 17, 2014
USD/CAD Open: 1.0952-1.0954 Overnight Range: 1.0926-1.0953
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $94.59 and gold is at $1,250. US futures are higher today. Today, the US releases building permit and consumer sentiment 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.
The US dollar remains firm. US bond yields remain stable as well. With no major Canadian data releases, the Canadian dollar will continue to be influenced by factors outside of Canada. All eyes are on the Bank of Canada meeting next week. Look for the Canadian dollar to continue to follow US yields directionally.
Today’s Suggested Range USD/CAD: 1.0890 – 1.0990
Rahim Madhavji | Knightsbridge Foreign Exchange
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By Admin | January 17, 2014 | Daily Update |
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