Canadian Dollar FX Update February 6, 2018
USD/CAD Open: 1.2547-1.2548 Overnight Range: 1.2503-1.2569
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $63.41 and gold is at $1,338. US futures are mixed. Today Canada released merchandise trade data for December.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2610. Support is at 1.2443.
The Canadian dollar has reached one-month lows, amidst a risk-off environment. Merchandise trade data for December showed Canada’s trade deficit widening to $3.2B, against expectations of a $2.25B deficit. Total imports continue to outpace exports, with energy products and industrial machinery seeing significant increases. CAD continues to remain vulnerable as domestic rate expectations moderate.
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 | February 6, 2018 | Daily Update |
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