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The Loonie Consolidates Ahead of Oil Inventories.

Thursday 1 January, 1970

Daily Currency Update

CAD - Canadian DollarCanadian dollar participants could not move the Loonie through the support of 1.3071 yesterday after lackluster Retail Sales were reported. The Canadian dollar on the other side of the trade finds resistance at 1.3114, a challenge to breakthrough as well. Canadian Wholesale Sales for August will be reported at 8:30 am today expect is a reading of 0.3 percent well below the previous release of 1.7 percent. WTI crude oil traded 0.92 percent lower at 53.98 dpb. At 10:30 am today, weekly oil inventories will be released the last stockpile readings were at 9.281 million barrels in commercial storage. Market participants expect the Lonnie to remain well entrenched in its current trend channel this week as the Canadian economic calendar is light.

Key Movers

Canadian dollar participants could not move the Loonie through the support of 1.3071 yesterday after lackluster Retail Sales were reported. The Canadian dollar on the other side of the trade finds resistance at 1.3114, a challenge to breakthrough as well. Canadian Wholesale Sales for August will be reported at 8:30 am today expect is a reading of 0.3 percent well below the previous release of 1.7 percent. WTI crude oil traded 0.92 percent lower at 53.98 dpb. At 10:30 am today, weekly oil inventories will be released the last stockpile readings were at 9.281 million barrels in commercial storage. Market participants expect the Lonnie to remain well entrenched in its current trend channel this week as the Canadian economic calendar is light.

Expected Ranges