The U.S. dollar is under pressure today, which is dominating price action throughout the North American session. |
The upcoming election on Jan. 23 isn't likely to have a negative impact on the Canadian dollar. Nor should it. |
There's been corporate support for dollar/Canada all the way down here. Model funds, momentum types, technical traders are still looking at buying the Canadian dollar even above 88 cents. |
There's support for the Canadian dollar because fundamentally the numbers that were released this morning were still not bad enough to continue to see the Canadian dollar weaken. |
U.S. markets are closed for Martin Luther King Day so price action is expected to remain muted throughout the North American session. |