Canadian Dollar FX Update December 29, 2017
USD/CAD Open: 1.2545-1.2546 Overnight Range: 1.2525-1.2573
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $60.14 and gold is at $1,302. 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 1.2625. Support is at 1.2490.
The Canadian dollar continues to extend its holiday rally, setting fresh two-month highs. Domestic rate expectations continue to firm, providing support to CAD. Oil prices are also steady around the upper end of recent levels. Domestic data releases are limited before the end of the week next week, where Canada is set to release trade and employment data.
Today’s Suggested Range USD/CAD: 1.2500 – 1.2600
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 29, 2017 | Daily Update |
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