FX Morning Update January 15, 2014
USD/CAD Open: 1.0965-1.0967 Overnight Range: 1.0948-1.0992
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $92.90 and gold is at $1,237. US futures are higher today. Today, US empire state index data is released.
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 USD is rallying on stronger US data (retail sales) and steady US yields near 2.9%. The Canadian dollar is continuing to look for a catalyst from Canadian economic data to surprise, while the US dollar has momentum on its side as US economic data continues to outperform. The domestic economic story for Canada is important for the loonie.
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Today’s Suggested Range USD/CAD: 1.0890 – 1.0990
Rahim Madhavji | Knightsbridge Foreign Exchange
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