Canadian Dollar FX Update February 7, 2018
USD/CAD Open: 1.2515-1.2516 Overnight Range: 1.2492-1.2545
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $63.73 and gold is at $1,327. 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 1.2556. Support is at 1.2481.
The Canadian dollar has begun to consolidate, trading narrowly. Domestic risk is limited ahead of Thursday’s speech from BoC SDG Wilkins. Oil prices have stabilized over the last several weeks. The broader tone remains cautious, which leaves CAD vulnerable in the short-term.
Today’s Suggested Range USD/CAD: 1.2450 – 1.2550
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 7, 2018 | Daily Update |
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