Canadian Dollar FX Update April 13, 2018
USD/CAD Open: 1.2585-1.2586 Overnight Range: 1.2552-1.2594
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $67.25 and gold is at $1,341. 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 1.2656. Support is at 1.2536.
The Canadian dollar has continued to strengthen throughout the week, against the backdrop of improving commodity prices. WTI has extended gains to find support above $67/barrel. Domestic rate expectations remain steady but have moved from the forefront of market participants. There are no domestic releases scheduled for today’s session, and we expect CAD to continue to track oil closely.
Today’s Suggested Range USD/CAD: 1.2550 – 1.2650
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 13, 2018 | Daily Update | 0 comments