Canadian Dollar FX Update February 8, 2018
USD/CAD Open: 1.2563-1.2564 Overnight Range: 1.2545-1.2597
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $61.93 and gold is at $1,317. 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 1.2621. Support is at 1.2516.
CAD is soft, declining to fresh 2018 lows. Near-term domestic risk is centered around today’s speech from BoC SDG Wilkins’ speech, which might provide an update on the BoC’s economic outlook. The broader tone remains dominant, and risk off trade has led to a broadly stronger US dollar.
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 8, 2018 | Daily Update |
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