Canadian Dollar FX Update December 8, 2017
USD/CAD Open: 1.2837-1.2838 Overnight Range: 1.2802-1.2869
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $57.69 and gold is at $1,250. 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 1.2877. Support is at 1.2794.
The Canadian dollar has consolidated this week’s losses, trading on the lower end of this month’s levels. Today’s US jobs data was better than expected, with the US economy adding 228k jobs against expectations of 213k. The US unemployment rate is currently 4.1%. This month’s strong jobs report makes a rate hike from the Fed this December even more likely. There are no domestic data releases scheduled for the rest of the day, leaving CAD to track the broader market.
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 8, 2017 | Daily Update |
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