Canadian Dollar FX Update December 18, 2017
USD/CAD Open: 1.2864-1.2865 Overnight Range: 1.2842-1.2881
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $57.33 and gold is at $1,263. 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 1.2933. Support is at 1.2777.
The Canadian dollar is quiet, consolidating in the range of late last week, amidst light holiday trading. Domestic rate expectations have firmed following last week’s speech from Governor Poloz. Yield-spreads have widened in a CAD-negative manner, reflecting renewed confidence in Fed rate expectations. Oil prices have traded in a very narrow range of late. There are no domestic releases scheduled for today’s session, as the bulk of North American pre-holiday releases will occur later in the week.
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 | December 18, 2017 | Daily Update |
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