Canadian Dollar Update January 15, 2018
USD/CAD Open: 1.2437-1.2438 Overnight Range: 1.2405-1.2473
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $64.35 and gold is at $1,342. US futures are higher. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2530. Support is at 1.2379.
The Canadian dollar is stronger early in today’s session, as expectations of a 25bp rate hike at this Wednesday’s Bank of Canada meeting have recovered. OIS are pricing in an ~84% chance of a 25bp rate hike at this Wednesday’s meeting, with the next most likely possibility being a “hawkish hold”. There are no domestic releases of consequence scheduled ahead of Wednesday’s BoC meeting, which will be the primary risk to CAD in the near-term.
Today’s Suggested Range USD/CAD: 1.2400 – 1.2500
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
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By Admin | January 15, 2018 | Daily Update |
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