Canadian Dollar FX Update February 14, 2018
USD/CAD Open: 1.2636-1.2637 Overnight Range: 1.2560-1.2649
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $58.64 and gold is at $1,333. US futures are lower. There are no major domestic data releases scheduled for today.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2613. Support is at 1.2549.
The Canadian dollar is lower this morning, following CPI data for January released in the U.S. CPI grew 0.5% month-over-month, against expectations of a 0.3% increase. Inflation concerns have pushed stocks lower. Following today’s inflation report, markets are pricing in a higher possibility of a third rate hike in the US before the end of the year. Domestic markets are pricing in 14bps of tightening from the Bank of Canada for the April meeting. There are no domestic releases scheduled for today.
Today’s Suggested Range USD/CAD: 1.2600 – 1.2700
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 | February 14, 2018 | Daily Update | 0 comments