Canadian Dollar FX Update February 1, 2018
USD/CAD Open: 1.2317-1.2318 Overnight Range: 1.2293-1.2332
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $65.29 and gold is at $1,343. 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 1.2360. Support is at 1.2263.
The Canadian dollar is quiet amidst an environment of broad-based USD strength. The domestic calendar is light leading up to next Tuesday’s merchandise trade data. The outlook for relative central bank policy will continue to be the primary driver for CAD moving forward, with the Fed making hawkish adjustments to statement tone. We expect CAD to continue to track the broader market for today’s session.
Today’s Suggested Range USD/CAD: 1.2250 – 1.2350
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 | February 1, 2018 | Daily Update |
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