Canadian Dollar FX Update December 21, 2017
USD/CAD Open: 1.2756-1.2757 Overnight Range: 1.2719-1.2839
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $57.77 and gold is at $1,267. US futures are higher. Today Canada released CPI data for November and retail sales data for October.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2809. Support is at 1.2613.
The Canadian dollar is sharply higher this morning, following encouraging data. CPI for November narrowly beat expectations (+2.1% annualized vs. +2.0% expected). Inflation at this level is right in line with the Bank of Canada mandate. Retail sales for October handily beat expectations (+1.5% actual vs. +0.3% expected), driven by growth in the auto sector of both new and used vehicles. There are no further domestic releases scheduled for the remainder of today’s session.
Today’s Suggested Range USD/CAD: 1.2700 – 1.2800
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 Admin | December 21, 2017 | Daily Update | 0 comments