Canadian Dollar FX Update April 24, 2018
USD/CAD Open: 1.2830-1.2831 Overnight Range: 1.2813-1.2861
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $68.59 and gold is at $1,328. 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 1.2881. Support is at 1.2767.
The Canadian dollar has traded narrowly early in the week. The ongoing erosion in domestic expectations continues to weigh on CAD, with approximately 20bps of tightening now priced in for the July BoC meeting. Firmer commodity prices have been unable to fully offset the widening of yield spreads. There are no domestic data releases scheduled for today’s session.
Today’s Suggested Range USD/CAD: 1.2800 – 1.2900
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 | April 24, 2018 | Daily Update |
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