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Canadian Dollar Foreign Exchange Update April 17, 2018

USD/CAD Open: 1.2566-1.2566      Overnight Range:     1.2549-1.2579

The Canadian dollar was rangebound in overnight currency exchange markets.  Oil is at $66.32 and gold is at $1,345.  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 1.2598.  Support is at 1.2529.

The Canadian dollar remains quiet, trading narrowly early in the week. Elevated commodity prices continue to provide support to CAD. Market participants are looking towards tomorrow’s Bank of Canada rate decision and MPR update. With trade concerns moderating and constructive data of late, an improved outlook from the Bank of Canada remains a possibility. There are no additional releases scheduled for today.

Today’s Suggested Range USD/CAD: 1.2500 – 1.2600

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Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239

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 KBFX | April 17, 2018 | Daily Update | 0 comments